Complete this question by entering your answers in the tabs below. Income COGS COGM Statement Schedule Schedule Prepare an income statement for the year. Superior Company Income Statement Selling and administrative expenses: Complete this question by entering your answers in the tabs below. Income COGS COGM Statement Schedule Schedule Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold Adjusted cost of goods sold Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 214,000 Purchases of raw materials 266, 000 Direct labor Administrative expenses S 158, 000 Manufacturing overhead applied to work in process 368,000 Actual manufacturing overhead cost 355, 000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 55,000 $ 36, 090 Work in process 25, 000 Finished goods $ 38,000 The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $670,000; 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.)