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Question: Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials):
Inventory balances at the beginning and end of the year were as follows:
The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $730,000; the unadjusted cost of goods sold totaled $665,000; and the net operating income was $33,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold.
Required:
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