The following data refer to Superior Metals Corporation for the year 20x4.

Required:

1. Prepare Superior Metals’ schedule of cost of goods manufactured for 20x4.

2. Prepare the company’s schedule of cost of goods sold for 20x4. The company closes overapplied or underapplied overhead into Cost of Goods Sold.

3. Prepare the company’s income statement for 20x4.

4. Build a spreadsheet: Construct an Excel spreadsheet to solve all of the preceding requirements. Show how the solution will change if the following data change: sales revenue was $1,580,000, applied manufacturing overhead was $430,000, and utilities amounted to $49,000.

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Raw-material inventory, 12/31/A3 Purchases of raw material in 20x4 . Raw-material inventory, 12/31/x4 Direct-labor cost incurred . Selling and administrative expenses Indirect labor cost incurred Property taxes on factory Depreciation on factory building Income tax expense Indirect material used $ 6,750 Depreciation on factory equipment . 548,250 Insurance on factory and equipment. 44,250 Utities for factory . 355,500 Work-in-process inventory, 12/31/3 201,750 Work-in-process inventory, 12/31/x4 112,500 Finished-goods inventory, 12/31/x3 67,500 Finished-goods inventory, 12/31/x4 93,750 Applied manufacturing overhead 18,750 Sales revenue . 33,750 45,000 30,000 52,500 -0- 30,000 26,250 30,000 433,125 1,578,750