CHAPT. 3-Schedules of Cost of Goods Manufactured and Cost of Goods Sold; 30 min. Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling and administrative expenses 123 $120,000 Purchases of raw materials $145,000 Direct labor ? 5. Manufacturing overhead applied to work in process $142.500 Actual manufacturing overhead cost $135,000 CH W Inventory balances at the beginning and end of the year were as follows: of Beginning Ending Va Raw materials $20,000 $5,000 M Work in process $17.500 $25,000 Finished goods The total manufacturing costs for the year were $341.500, the cost of goods available for sale totaled $370,000; the unadjusted cost of goods sold totaled $330,000; and the net operating income was $15,000. 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 goods manufactured.) Va Fix Fix Fix Du sec