(Solved):     Superior Company provided the following data for the year ended December 31 (all ...

 

 

Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): \( \begin{array}{lrl} & \text { Beginning } & \text { Ending } \\ \text { Raw materials } & \$ 56,8 B 0 & \$ 30, \theta 00 \\ \text { Work in process } & ? & \$ 30, \theta 83 \\ \text { Finished goods } & \$ 36,800 & ?\end{array} \) The tatal manufacturing costs added to production for the year were \( \$ 680,000 \); the cost of goods available for sale totaled \( \$ 740,000 \); the unadjusted cost of goods sold totaled \( \$ 669,000 \); and the net operating income was \( \$ 33,000 \). 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 goads manufactured.) A Answer is complete but not entirely correct. Hrepare schedules ot cost ot goods manutactured 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.) (8) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Prepare a schedule of cost of goods manufactured.