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Business, 17.09.2019 20:10, JaquoiaDean9823
Superior company provided the following data for the year ended december 31 (all raw materials are used in production as direct materials): selling expenses $ 213,000purchases of raw materials $ 269,000direct labor ? administrative expenses $ 157,000manufacturing overhead applied to work in process $ 368,000actual manufacturing overhead cost $ 354,000inventory balances at the beginning and end of the year were as follows: beginning of year end of yearraw materials $ 59,000 $ 31,000work in process ? $ 30,000finished goods $ 33,000 ? the total manufacturing costs for the year were $675,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $666,000; and the net operating income was $31,000. 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.)
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Superior company provided the following data for the year ended december 31 (all raw materials are u...
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