• • • • • • • • • • Superior Company provided the following data for the year ended December $31($all raw materials are used in production as direct materials$)$:

                    

                    Selling expenses $ $210,000$

                    Purchases of raw materials $ $264,000$

                    Direct labor $?$

                    Administrative expenses $ $154,000$

                    Manufacturing overhead applied to work in process $ $378,000$

                    Actual manufacturing overhead cost $ $359,000$

                    

                    Inventory balances at the beginning and end of the year were as follows:

                    

                     Beginning Ending

                    Raw materials $ $59,000$ $ $30,000$

                    Work in process $?$ $ $26,000$

                    Finished goods $ $30,000?$

                    

                    The total manufacturing costs added to production for the year were $$685,000$; the cost of goods available for sale totaled $$720,000$; the unadjusted cost of goods sold totaled $$665,000$; and the net operating income was $$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.$)$