Chapter 3 Homework #2 (LO 3) Saved Help Sa 2 Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement LO3-3] 4.66 points Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Skipped Selling expenses $ 217,000 $ 265,000 Purchases of raw materials eBook Direct labor 155,000 372,000 $ 355, 000 Administrative expenses Print Manufacturing overhead applied to work in process Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Raw materials $ 53,000 35,000 ? 28,000 Work in process Finished goods $ 35,000 The total manufacturing costs for the year were $675,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $665,000; and the net operating income was $35,000. 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 StatementSchedule COGS Schedule Prepare an income statement for the year Superior Company Income Statement Selling and administrative expenses: 0 COGS Schedule> Income Statement Complete this question by entering your answers in the tabs below. COGS Schedule COGM Schedule Income Statement Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold Adjusted cost of goods sold Income Statement COGM Schedule> Complete this question by entering your answers in the tabs below. COGM Schedule Income Statement COGS Schedule Prepare a schedule of cost of goods manufactured. Superior Company Schedule of Cost Goods Manufactured Direct materials: Total raw materials available Raw materials used in production Total manufacturing costs Cost of goods manufactured CoGS Schedule COGM Schedule