Superior Manufacturing Company has the following cost and expense data for the year ending December 31, 2012.
|
Raw materials, 1/1/12
|
$ 30,000
|
Insurance, factory
|
$ 14,000
|
|
Raw materials, 12/31/12
|
20,000
|
Property taxes, factory building
|
6,000
|
|
Raw materials purchases
|
205,000
|
Sales (net)
|
1,500,000
|
|
Indirect materials
|
15,000
|
Delivery expenses
|
100,000
|
|
Work in process, 1/1/12
|
80,000
|
Sales commissions
|
150,000
|
|
Work in process, 12/31/12
|
50,000
|
Indirect labor
|
90,000
|
|
Finished goods, 1/1/12
|
110,000
|
Factory machinery rent
|
40,000
|
|
Finished goods, 12/31/12
|
120,000
|
Factory utilities
|
65,000
|
|
Direct labor
|
350,000
|
Depreciation, factory building
|
24,000
|
|
Factory manager's salary
|
35,000
|
Administrative expenses
|
300,000
|
Instructions
(a)Prepare a cost of goods manufactured schedule for Superior Company for 2012.
(b) Prepare an income statement for Superior Company for 2012.
(c) Assume that Superior Company's ledgers show the balances of the following current asset accounts: Cash $17,000, Accounts Receivable (net) $120,000, Prepaid Expenses $13,000, and Short-term Investments $26,000. Prepare the current assets section of the balance sheet for Superior Company as of December 31, 2012.