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Homework - of goods sold totaled $635,000. 4. value: 2...

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[The following information applies to the questions displayed below.] Selected account balances for the year ended December 31 are provided below for Superior Company: Selling and administrative salaries $ 85,000 Purchases of raw materials $ 260,000 Direct labor ? Advertising expense $ 215,000 Manufacturing overhead $ 339,000 Sales commissions $ 36,000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Raw materials $ 49,000 $ 41,000 Work in process ? $ 34,000 Finished goods $ 31,000 ? The total manufacturing costs for the year were $675,000; the goods available for sale totaled $719,000; and the cost
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Unformatted text preview: of goods sold totaled $635,000. 4. value: 2 points Requirement 1: (a) Prepare a schedule of cost of goods manufactured. (Input all amounts as positive values. Omit the "$" sign in your response.) Superior Company Schedule of Cost of Goods Manufactured For the Year Ended December 31 Direct materials: $ : : Raw materials used in production $ Total manufacturing costs : : Cost of goods manufactured $ (b) Prepare the cost of goods sold section of the company's income statement for the year. (Input all amounts as positive values. Omit the "$" sign in your response.) $ : Goods available for sale : Cost of goods sold $...
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Homework - of goods sold totaled $635,000. 4. value: 2...

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