Ch 3 Homework 1\ Saved\ Help\ Save & Exit\ Submit\ 9 points\ eBook\ Print\ References\ Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials):\ Check my work\ 96\ \\\\table[[],[points],[eBook],[Print],[References]]\ Selling expenses\

$211,000

\ Direct

$266,000

\ Administrabor\ expenses\ Manufacturing overhead applied to work in process\ Actual manufacturing overhead cost\ Inventory balances at the beginning and end of the year were as follows:\ \\\\table[[,Beginning,Ending],[Raw materials,

$60,000

,

$37,000

Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Inventory balances at the beginning and end of the year were as follows: The total manufacturing costs added to production for the year were $685,000; the cost of $740,000; the unadjusted cost of goods sold totaled $668,000; and the net operating income was $30,000. 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