do required

Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 219,000 $ 262,000 7 $ 156,000 $ 361,000 $ 351,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 57,000 $ 37,000 Work in process ? $ 24,000 Finished goods $ 33,000 ? The total manufacturing costs added to production for the year were $675,000, the cost of goods available for sale totaled $740,000 the unadjusted cost of goods sold totaled $667,000, and the net operating income was $40,000. 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.)