\begin{tabular}{|l|l|} \hline \multicolumn{2}{|c|}{ Superior Company } \\ \hline Beginning finished goods inventory & \$ \\ \hline Add: Cost of goods manufactured & \\ \hline Cost of goods available for sale & \\ \hline Less: Ending finished goods inventory & \\ \hline Unadjusted cost of goods sold & \\ \hline & \\ \hline Adjusted cost of goods sold & \\ \hline \end{tabular} Superior Company Income Statement \begin{tabular}{|l|l|l|} \hline Sales & & \\ \hline Cost of goods sold & & \\ \hline Gross margin & & \\ \hline Selling and administrative expenses: & & \\ \hline Selling expenses & 154,000 & \\ \hline Administrative expenses & & \\ \hline & & \\ \hline & & 366,000 \\ \hline Net operating income & & \\ \hline \end{tabular} Superior Company provided the following data for the year ended December 31 (all raw materiais are used in production as direct materials): Beginning and ending inventory balances were os follows: The total manufacturing costs added to production for the year were $680,000; the cost of goods avaliable for sale totaled $725,000; the unadjusted cost of goods sold totaled $666,000; 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 Prepare a schedule of cost of goods manufactured