Please provide income statement, cogs, and cogm schedules and show calculations.

Question

Please provide income statement, cogs, and cogm schedules and show calculations.

Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) Selling expenses Purchases ofraw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 217,000 $ 261,000 $ 151,000 $ 373,000 $ 357,000 Inventory balances at the beginning and end of the year were as follows Beginning of Year End of Year Raw materials Work in proces:s Finished goods $ 60,000 34,000 25,000 $ 35,000 The total manufacturing costs for the year were $685,000; the cost of goods available for sale totaled $720,000; the unadjusted cost of goods sold totaled $669,000; 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.) Complete this question by entering your answers in the tabs below Income COGS COGM

Explanation / Answer

Income statement :

Statement of cost of goods sold :

Cost of goods manufactured schedule :

Sales 1058000 Less: Cost of goods sold (669000-16000) 653000 Gross profit 405000 Less: Selling expense 217000 Less; Administrative expense 151000 Net income 37000

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