Chapter 3 4 10 points Skpoed ■ eBook n References Mc Graw Hill Superior Company provided the following data for the year

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Chapter 3 4 10 Points Skpoed Ebook N References Mc Graw Hill Superior Company Provided The Following Data For The Year 1 (63.82 KiB) Viewed 48 times

Chapter 3 4 10 points Skpoed ■ eBook n References Mc Graw Hill Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Furchases of raw materials Direct labor Administrative expense Manufacturing overhead applied to work in process Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning $ 54,000 7 $ 36,000 Income Statement The total manufacturing costs added to production for the year were $670,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $665,000; and the net operating income was $38,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Complete this question by entering your answers in the tabs below. COGS Schedule CDGM Schedule Prepare an income statement for the year. Superior Company Income Statement Ending $31.000 $ 31,000 ? 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.) Selling and administrative expenses Saved $ 219,000 $ 267,000 ? $152,000 $ 372,000 $360,000 0 < Prev 4 of 4 H HH Next > Help Save & Exit Submit