PROBLEM 3–13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement LO3–3 Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials):

. . . . . . . . . . $140,000

. . $290,000

. . . . . . . . . . . . . . . ?

. . . . $100,000

$285,000

$270,000 Inventory balances at the beginning and end of the year were as follows:

Beginning Ending . . . . . . . . $40,000 $ 10,000 . . . . . . . ? $35,000 . . . . . . . $50,000 ?
The total manufacturing costs added to production for the year were $683,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $660,000;
and the net operating income was $30,000. 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.)