Business
Business, 06.10.2019 02:30, GrainLeaf

Superior company provided the following data for the year ended december 31 (all raw materials are used in production as direct materials): selling expenses $ 211,000 purchases of raw materials $ 263,000 direct labor ? administrative expenses $ 159,000 manufacturing overhead applied to work in process $ 364,000 actual manufacturing overhead cost $ 350,000 inventory balances at the beginning and end of the year were as follows: beginning of year end of year raw materials $ 56,000 $ 34,000 work in process ? $ 25,000 finished goods $ 35,000 ? the total manufacturing costs for the year were $685,000; the cost of goods available for sale totaled $730,000; the unadjusted cost of goods sold totaled $669,000; and the net operating income was $37,000. 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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