Superior Company provided the following data for the year ended December 31 (all

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Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as diredt materials) $140,0ee Direct labor s 1e0,eee s 285,089 s 270,e0e ok Manufacturing overhead applied to work in process cost Inventory balances at the beginning and end of the year were as follows: 35,eee 50,000 The total manufacturing costs for the year were $683.000 the cost of goods available for sale totaled $740,000: the unadjusted cost of goods sold totaled $660,000; and the net operating income was $30.000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.) Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement.(Hint Prepare the income Complete this question by entering your answers in the tabs below

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* Represent Calculated Amounts

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Schedule of Cost of Goods Manufactured Direct materials: Raw materials inventory, beginning $        40,000 Add: Purchases of raw materials          290,000 Total raw materials available          330,000 Less: Raw materials inventory, ending            10,000 Raw materials used in production $        320,000 Direct labor (683000-320000-285000)*              78,000 Manufacturing overhead applied to work in process Inventory            285,000 Total manufacturing costs            683,000 Add: Beginning work in process inventory(690000+35000-683000)*              42,000 Less: Ending work in process inventory              35,000 Cost of goods manufactured*            690,000

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