11 Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): 6.7/10 points awarded Selling expenses 220,000 Purchases of raw materials 262,000 Scored Direct labor Administrative expenses S 159,000 Manufacturing overhead applied to work in process 368,000 Actual manufacturing overhead cost 5 351,000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Raw materials $ 55,000 S 32,000 Work in process 32,000 Finished goods $ 32,000 The total manufacturing costs for the year were $670,000: the cost of goods available for sale totaled $725,000: the unadjusted cost of goods sold totaled $663.000; and the net operating Income was $34,000. 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.)