er 3 Help 5 Superior Company provided the following data for the year ended Dece

Question

er 3 Help 5 Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) 214,000 s 265,000 Purchasea of raw materials Manufacturing overhead applied to work in proceas Actual manufacturing overhead cost 156.000 s 370,00D 352.0DD Inventory balances at the beginning and end of the year were as follows: beginning 58,00 32,000 of Year End of 34,000 2 27,00 Mork is process Pinished goods The total manufacturing costs for the year were $675,000, the cost of goods available for sale totaled $720,000; the unadjusted cost of goods sold totaled $662.000, 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. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured) Complete this question by entering your answers in the tabs below Statement Schedule Prepare an income statement for the year. MacBook Air 1

Explanation / Answer

Income statement :

Schedule of cost of goods sold :

Schedule of cost of goods manufactured :

Sales 1050000 Cost of goods sold (662000-18000) 644000 Gross profit 406000 Selling expense 214000 Administrative expense 156000 Net income 36000

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