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ACC 601-Managerial Accounting Group Assignment 1 (80 points) Instructions: 1. As a group, complete the following activity in good form. Use excel or word only. Provide all supporting calculations to show how you arrived at your numbers Question:Part A-2: Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income StatementSuperior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $216,000 Purchases of raw materials $264,000 Direct labor ? Administrative expenses $159,000 Manufacturing overhead applied to work in process $368,000 Actual manufacturing overhead cost $355,000Inventory balances at the beginning and end of the year were as follows: Beginning of YearEnd of Year Raw materials $ 51,000 $ 33,000 Work in process ? $ 32,000 Finished goods $ 34,000 ? The total manufacturing costs for the year were $675,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $669,000; and the net operating income was $32,000. The company’s underapplied or overapplied overhead is closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.) Do you need a similar assignment done for you from scratch? We have qualified writers to help you. We assure you an A+ quality paper that is free from plagiarism. Order now for an Amazing Discount! Use Discount Code “Newclient” for a 15% Discount!NB: We do not resell papers. Upon ordering, we do an original paper exclusively for you. 
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