Chapter 3 Homework #2 (LO 3) Help Save & Ex Che 2 Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement LO3-3] 4.66 points Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) 02:29 41 Sellins expenses Purchses of raw naterials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost 219,000 5 262,0ee eBook Print References 153,e0 S 376,e80 $357,609 Inventory balances at the beginning and end of the year were as follows Beginning of s se,e00 34,800 5 36,00e Year Raw materials Work in process Finished goods $ 32,000 The total manufacturing costs for the year were $675,000, the cost of goods available for sale totaled $725,000, the unadjusted cost of goods sold totaled $667000, and the net operating income was $34,000. The company's underapplied or overapplied overhead is K Prev2 of 3 Next G Solved Schedules of Coser: chapter 3 Homenrk #2 ao, x etuperer Company pro-ded X Section 2 . Prob-s(1) AENX + e https:/ewco Help Save & ExitSubmit Chapter 3 Homework 30 Check my work 2 I he total manufacturing costs tor the year were sorb,000, the cost of goods available tor sale totaled s 25000, the of goods sold totaled $667,000, and the net operating income was $34,000. The company's underapplied or closed to Cost of Goods Sold overapplied overhead is 4.66 poines Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement (Hint Prepare statement and schedule of cost of goods sold first followed by the schedule of cost of goods ma lete this question by entering your answers in the tabs below elook COGH COGS Statement ScheduleSchedule Prepare an income statement for the year Income Superior Company S 36.000 689,000 (653,000) Sales ost of goods sold Gross margin Selling and expense Seling expenses Administrative expenses Prey 2 of 3 Next