Superior Company provided the following data for the year ended December 31 (all raw materials are...

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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 of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Beginning and ending inventory balances were as follows: $ 216,000 $ 270,000 ? $ 154,000 $ 370,000 $ 350,000 Raw materials Work in process Finished goods Beginning $ 60,000 Ending $ 33,000 $ 26,000 $ 31,000 P The total manufacturing costs added to production for the year were $670,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $667,000; 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 Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods manufactured. Beginning work in process inventory Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Superior Company Schedule of Cost Goods Manufactured Less: Ending raw materials inventory Direct materials used in production Direct labor Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured $ 60,000 270,000 330,000 (33,000) < COGS Schedule COGM Schedule > 0 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 of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Beginning and ending inventory balances were as follows: $ 216,000 $ 270,000 ? $ 154,000 $ 370,000 $ 350,000 Raw materials Work in process Finished goods Beginning $ 60,000 Ending $ 33,000 $ 26,000 $ 31,000 P The total manufacturing costs added to production for the year were $670,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $667,000; 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 Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods manufactured. Beginning work in process inventory Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Superior Company Schedule of Cost Goods Manufactured Less: Ending raw materials inventory Direct materials used in production Direct labor Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured $ 60,000 270,000 330,000 (33,000) < COGS Schedule COGM Schedule > 0