Income statement cogs schedule cogm schedule prepare

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your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare an income statement for the year. Superior Company Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Net operating income < Income Statement COGS Schedule > Superior Company provided the following data for the year ended December 31 (all raw materials are used in production
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as direct materials): $ 214,000 $ 265,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 158,000 $372,000 $360,000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year $ 57,000 ? $ 36,000 End of Year $ 32,000 $ 26,000 Raw materials Work in process Finished goods The total manufacturing costs for the year were $685,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $661,000; and the net operating income was $38,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of
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  • Fall '19
  • Superior Company, goods Beginning of End of Year Year

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