Check my work 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): $ $ 213,000 262,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ $ $ 156,000 371,000 355,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of Year End of Year $ 58,000 $ 35,000 ? $ 31,000 $ 37,000 The total manufacturing costs for the year were $685,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $663,000; 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 statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)