Superior Company has the following cost and expense data for the year ending December 31, 2014.

Raw materials, 1/1/14

$ 30,000

Raw materials, 12/31/14

20,000

Raw materials purchases

205,000

Indirect materials

15,000

Work in process, 1/1/14

80,000

Work in process, 12/31/14

50,000

Finished goods, 1/1/14

110,000

Finished goods, 12/31/14

120,000

Direct labor

350,000

Factory manager’;s salary

35,000

Insurance, factory

$ 14,000

Property taxes, factory building

6,000

Sales revenue

1,500,000

Delivery expenses

100,000

Sales commissions

150,000

Indirect labor

90,000

Factory machinery rent

40,000

Factory utilities

65,000

Depreciation, factory building

24,000

Administrative expenses

300,000

Instructions

(a)Prepare a cost of goods manufactured schedule for Superior Company for 2014.

(b)Prepare an income statement for Superior Company for 2014.

(c)Assume that Superior Company”s accounting records show the balances of the following current asset accounts: Cash $17,000, Accounts Receivable (net) $120,000, Prepaid Expenses $13,000, and Debt Investments (short-term) $26,000. Prepare the current assets section of the balance sheet for Superior Company as of December 31, 2014.