Ignment Seved Help Superior Company provided the following data for the year ended December 31 (all raw mate materials ials are used in production as direct s 140,000 290,000 Belling expenses Purchases of raw materials Direct Labor Administrative expenses Manufacturing overhead applied to work in Actual 100,000 285,000 270,000 process manafacturing overhead cost Inventory balances at the beginning and end of the year were as follows: beginning of Year Red of 40,000 $ 10,000 Rav naterials Work in process Pinished goods 35,000 50,000 The total manufacturing costs for the year were $683,000 the cost of goods available for sale totaled $740,000; the unedjusted cost of goods sold totaled S660 000: and the net operating income was i $30,000. The company's underapplied or overapplied overhead is Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an Income statement. (Hint statement and schedule of cost of goods sold first followed by the sche Prepare the income dule of cost of goods manufactured.) Complete this question by entering your answers in the tabs below. Income COGM COGS Statement Schedule Schedule Prepare an income statement for the year Sales Cost of goods sold Seling and administrative expenses Net operating Income