ces Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $210,000 $ 267,000 ? $157,000 $370,000 $ 358,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of Year $ 53,000 $35,000 End of Year 531,000 $ 25,000 The total manufacturing costs for the year were $685.000, the cost of goods available for sale totaled $745.000 the unadjusted cost of goods sold totaled $661,000, and the net operating income was $36.000. The company's underapplied or overappiled 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