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Superior Manufacturing Company has the following cost and expense data for the year ending December 31, 2012.
Raw materials, 1/1/12
$ 30,000
Insurance, factory
$ 14,000
Raw materials, 12/31/12
20,000
Property taxes, factory building
6,000
Raw materials purchases
205,000
Sales (net)
1,500,000
Indirect materials
15,000
Delivery expenses
100,000
Work in process, 1/1/12
80,000
Sales commissions
150,000
Work in process, 12/31/12
50,000
Indirect labor
90,000
Finished goods, 1/1/12
110,000
Factory machinery rent
40,000
Finished goods, 12/31/12
120,000
Factory utilities
65,000
Direct labor
350,000
Depreciation, factory building
24,000
Factory manager's salary
35,000
Administrative expenses
300,000
Instructions
(a)Prepare a cost of goods manufactured schedule for Superior Company for 2012.
(b) Prepare an income statement for Superior Company for 2012.
(c) Assume that Superior Company's ledgers show the balances of the following current asset accounts: Cash $17,000, Accounts Receivable (net) $120,000, Prepaid Expenses $13,000, and Short-term Investments $26,000. Prepare the current assets section of the balance sheet for Superior Company as of December 31, 2012.
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