$ 267,000 2 Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) Selling expensen $ 216,000 Purchases of raw materials Direct labor Administrative expenses $ 150,000 Manufacturing over head applied to work in process $ 373,000 Actual manufacturing overhead coat $ 353,000 Inventory balances at the beginning and end of the year bere as follows: Beginning Ending Raw materials $ 51,000 $ 34,000 Work in proces $32,000 Finished goods $ 40,000 The total manufacturing costs added to production for the year were $675,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $667000; 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.) 2 Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare an income statement for the year Superior Company