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Superior Company provided the following data for the year ended December 31 (all raw materials are...

Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direIncome Statement COGS Schedule COGM Schedule Prepare an income statement for the year. Superior Company Income Statement SellIncome Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of GIncome Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods manufactured. Superior Company Schedule of C

Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 140,000 $ 290,000 ? $ 100,000 $ 285,000 $ 270,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of Year $ 40,000 ? $ 50,000 End of Year $ 10,000 $ 35,000 ? The total manufacturing costs for the year were $683,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $660,000; and the net operating income was $30,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint. Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)
Income Statement COGS Schedule COGM Schedule Prepare an income statement for the year. Superior Company Income Statement Selling and administrative expenses:
Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold Adjusted cost of goods sold
Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods manufactured. Superior Company Schedule of Cost Goods Manufactured Direct materials: Total raw materials available Raw materials used in production Total manufacturing costs Cost of goods manufactured
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ReportAnswer #1

Sales 915000 Selling Expenses 140000 Raw Material Purchases 290000 Direct Labor 78000 Administrative Expenses 100000 Manufact683000 320000 285000 78000 Calcualtion of Missing Amounts Direct Labor Calculation Total Manufacturring Cost Less :Raw Materi915000 645000 270000 140000 100000 Answers Income Statement Sales Cost of Goods Sold Gross Margin Selling and AdministrstiveSchedule of Cost of Goods Manuacturing Direct Material Beginning Raw Material 40000 ADD: Purchase of Raw Material 290000 Tota

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