Reference no: EM133159110

Question - 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 $266,000

Direct labor ?

Administrative expenses $155,000

Manufacturing overhead applied to work in process $367,000

Actual manufacturing overhead cost $356,000

Inventory balances at the beginning and end of the year were as follows:

Beginning of Year End of Year

Raw materials $60,000 $38,000

Work in process ? $28,000

Finished goods $32,000 ?

The total manufacturing costs for the year were $690,000; the cost of goods available for sale totaled $720,000; the unadjusted cost of goods sold totaled $663,000; and the net operating income was $36,000. 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.

Need to prepare an income statement, Cost of Goods sold schedule, and Costs of Goods Manufactured.