The following Information applies to the questions displayed below.] Selected account balances for the year ended December 31 are provided below for Superior Company $ 134,000 $ 349,000 Selling and administrative salaries Purchases of raw materials Direct labor Advertising expense Manufacturing overhead Sales commissions $ 90,000 $318,000 $ 70,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of Year $ 40,000 $ ? $ 35,000 End of Year $25,000 $ 38,000 $ The total manufacturing costs for the year were $726,000; the goods available for sale totaled $759,000; and the cost of goods sold totaled $706,000 10.00 points Requirement 1: Cal Prepare a schedule of cost of goods manufactured input all amounts positive valuesmit the # $ % 3. 10.00 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 inventory, beginning Add D: Purchases of raw materials Raw materials available for use Deduct D Raw materials inventory, ending Raw materials used in production Direct labor Manufacturing overhead Total manufacturing costs Add Work in process inventory, begin Deduct : Work in process inventory, ending 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 “S” sign in your response.) Finished goods inventory, beginning Add : Cost of goods manufactured Goods available for sale Deduct : Work in process inventory, ending 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.) Finished goods inventory, beginning Add : Cost of goods manufactured : Goods available for sale Deduct : Finished goods inventory, ending Cost of goods sold References Worksheet Leaming Objective: 02-04 Prepare a schedu manufactured. Learnikg Objective: 02-02 Understand cost classifications used to prepare financial statements: product costs and period costs. Learning Objective: 02-01 Identify and give examples of each of the three basic manufacturing cost categories Leaming Objective: 02-03 Prepare an income statement including calculation of the cost of goods sold. Leaming Objective: 02-05 Understand cost cost behavior: variable costs and fixed costs Check my work 10.00

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