6 Inventory balances at the beginning and end of the year were as follows: Beginning of 10 Year End of Year points Raw materials $ 54,080 $ 30,090 Work in process 26,090 Finished goods $ 32,090 Book The total manufacturing costs for the year were $690,000; the cost of goods available for sale totaled $750,000; the unadjusted cost of goods sold totaled $669,000; and the net operating income was $34,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. Print Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an Income statement. (Hint: Prepare the Income References 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 COGS COGM Statement Schedule Schedule Prepare an income statement for the year. Superior Company Income Statement Selling and administrative expenses: Week 2: Homework i Saved 6 Selling expenses $ 211,090 Purchases of raw materials $ 264,090 Direct labor Administrative expenses 158, 080 Manufacturing overhead applied to work in process 369, 090 Actual manufacturing overhead cost 356,090 10 points Inventory balances at the beginning and end of the year were as follows: Beginning of eBook Year End of Year Raw materials $ 54,090 $ 30,090 Work in process 26,090 Print Finished goods 32,090 The total manufacturing costs for the year were $690,000; the cost of goods available for sale totaled $750,000; the unadjusted cost References of goods sold totaled $669,000; 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. Complete this question by entering your answers in the tabs below. Income COGS COGM Statement Schedule Schedule Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold Adjusted cost of goods sold