5 points Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 213,000 $ 260,000 ? $ 160,000 $ 369,000 $ 357,000 eBook Print References Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning $ 58,000 ? $ 32,000 Ending $ 33,000 $ 24,000 ? The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $740,000: the unadjusted cost of goods sold totaled $665,000, and the net operating income was $32,000. 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.) MC Graw Hill be here to search O BI ** (99. 80F Superior Company Income Statement eBook Print $ 1,082,000 677,000 405,000 References Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses $ 213,000 160,000 Net operating income 373,000 32,000 $ Income Statement COGS Schedule | Graw Hill De here to search O Book int ences 33,000 680,000 740.000 Beginning finished goods inventory Add Cost of goods manufactured Cost of goods available for sale Less Ending finished goods inventory Unadjusted cost of goods sold Less Overapplied overhead Adjusted cost of goods sold 665,000 661,000 earch O a 199+ Schedule COGM Schedule Prepare a schedule of cost of goods manufactured. Cont Goods Direct materials Direct labor Total raw materials available Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for 0