Check my work 3 Income COGS COGM Statement Schedule Schedule Prepare an income statement for the year. 5 points Superior Company Income Statement eBook Sales $ 1,057,000 Cost of goods sold 650,000 Print Gross margin 407,000 References Selling and administrative expenses: Selling expenses $ 216,000 Administrative expenses 153,000 369,000 + Net operating income $ 38,000 Mc Graw Hillpoints skipped eBook Print Refere nces Check my work Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials]: Selling expenses $ 215,866 Purchases of raw materials 5 267,3% Direct labor ? Administrative expenses 5 153,806 Manufacturing overhead applied to work in process $ 378,696 Actual manufacturing overhead cost $ 359,8m Inventory balances at the beginning and end ofthe year were as follows: Beginning Ending Raw materials $ 53,660 5 38,886 Work in process .3 $ 24,666 Finished goods $ 35,669 ? The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $750000; the unadjusted cost of goods sold totaled $661,000: and the net operating income was $38,000. 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.