6 Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) 31 Selling expenses points Purchases of raw materials: Direct labor Book Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows: $216,000 $266,000 5 158,000 $370,000 $ 351,000 References Beginning Raw materials $ 52,000 Work in process 7 Ending $ 36,000 $27,000 7 Finished goods $ 33,000 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 $661,000; and the net operating income was $33,000. The company's underappiled 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. Check my w 31 points ellook The total manufacturing costs added to production for the year were $680,000; the cost of goods avana Sale the unadjusted cost of goods sold totaled $661,000; and the net operating income was $33,000. 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. 10 Print References Income Statement COGS Schedule COGM Schedule Prepare an income statement for the year. Superior Company Income Statement Sales Cost of goods sold Gross margin 642,000 (642,000) Selling and administrative expenses: Administrative expenses Seling expenses $ 158,000 216,000 Net operating income 374,000 $ 33,000 Coos Schedule > 31 points eBook Print References 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 a schedule of cost of goods manufactured. Superior Company Schedule of Cost Goods Manufactured Beginning work in process inventory Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available. Less: Ending raw materials inventory Direct materials used in production Direct labor Manufacturing overhead applied to work in process Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured $ 52,000 266,000 318,000 36,000 $ 282,000