3 Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as dima materials): 00, 500 # 212,000 $ 260,000 Selling expenses Purchase of raw materials Direet labor Administrative expenses Manufacturing overhead applied to work in proces Actual manufacturing overhead coat 5 150.000 $ 374,000 350,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning $ 59,000 2 $ 32,000 Ending $31.000 $ 32,000 2 The total manufacturing costs added to production for the year were $685,000; the cost of goods available for sale totaled $745,000 the unadjusted cost of goods sold totaled $668,000; and the net operating income was $38,000. 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.) Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare an income statement for the year. 3 of 4