Superior Company provided the following data for the year en

Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as diredt materials) $140,0ee Direct labor s 1e0,eee s 285,089 s 270,e0e ok Manufacturing overhead applied to work in process cost Inventory balances at the beginning and end of the year were as follows: 35,eee 50,000 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: statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.) Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement.(Hint Prepare the income Complete this question by entering your answers in the tabs below

Solution

* Represent Calculated Amounts

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Schedule of Cost of Goods Manufactured
Direct materials:
Raw materials inventory, beginning	$        40,000
Add: Purchases of raw materials	290,000
Total raw materials available	330,000
Less: Raw materials inventory, ending	10,000
Raw materials used in production		$        320,000
Direct labor (683000-320000-285000)*		78,000
Manufacturing overhead applied to work in process Inventory		285,000
Total manufacturing costs		683,000
Add: Beginning work in process inventory(690000+35000-683000)*		42,000
Less: Ending work in process inventory		35,000
Cost of goods manufactured*		690,000