Question:
Superior Manufacturing Company has the following cost and expense data for last year, which ended December 31st.
Beginning Raw Materials $ 30,000
Ending Raw Materials 20,000
Raw Materials Purchases 205,000
Indirect Materials 15,000
Beginning Work-in-Progress 80,000
Ending Work-in-Progress 50,000
Beginning Finished Goods 110,000
Ending Finished Goods 120,000
Direct Labor 350,000
Factory Insurance 14,000
Property Taxes on Factory 6,000
Sales Revenue 1,500,000
Delivery Expense 100,000
Sales Office Salaries 150,000
Indirect Labor 90,000
Depreciation on Factory Equipment 40,000
Utilities for Factory 65,000
Depreciation on Factory Building 24,000
Administrative Salaries 335,000
In good order and form, complete the following requirements.
1. Prepare a Cost of Goods Manufactured Schedule for Superior.
2. Prepare a Cost of Goods Sold Schedule for Superior
3. Prepare an Income Statement for Superior