Need questions answered for Accounting 203...What would the fee be?

  

The following information was taken from the accounting records of the Superior Company:

  

Depreciation of   equipment..................................................... 

$ 70,000

 

Direct labor............................................................................ 

120,000

 

Factory taxes.......................................................................... 

2,000

 

Goods in process   inventory, Dec. 31, 2013............................ 

250,000

 

Indirect labor.......................................................................... 

10,000

 

Power..................................................................................... 

16,000

 

Raw materials   inventory, Dec. 31, 2013................................. 

60,000

 

Raw materials   purchases, for year........................................ 

230,000

 

Goods in process   inventory, January 1, 2013........................ 

302,000

 

Raw materials   inventory, January 1, 2013.............................. 

110,000

Please prepare the Manufacturing statement for Superior Manufacturing Company. Information about the company, Job Order Cost.
 

In addition, please do the following:
 

1. Explain the conceptual difference between total manufacturing costs and cost of goods manufactured. What does it mean?
 

2. The factory overhead account must be adjusted at the end of an accounting period. Explain why this adjustment is needed and the consequences to the financial statements if the adjustment is not made.