Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3]

Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials):

   
Selling expenses$210,000
Purchases of raw materials$262,000
Direct labor ?
Administrative expenses$155,000
Manufacturing overhead applied to work in process$369,000
Actual manufacturing overhead cost$354,000

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

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 BeginningEnding
Raw materials$54,000 $33,000 
Work in process ? $26,000 
Finished goods$36,000  ? 

The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $745,000; the unadjusted cost of goods sold totaled $665,000; and the net operating income was $37,000. 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.)https://ezto.mheducation.com/ext/common/accountingtool/1.0/atinit.html?Q_13252715913881806_ans1

Superior Company provided the following data
Superior Company provided the following data
Superior Company provided the following data

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