15007 Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 213,000 $264,000 7 $ 158,000 $370,000 $354,000 Book Print Inventory balances at the beginning and end of the year were as follows: Baw materials Beginning $52,000 ferences Work in process 7 Ending $30,000 $25,000 $ 40,000 Finished goods The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $730,000; the unadjusted cost of goods sold totaled $666,000; and the net operating income was $31,000. 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.)