In came Statement Prepare an income statement for the 1wear. - Selling and administrative expenses: _ Sewnwpenses _ Administrative expenses _ Net operating income Income COGS COGM Statement Schedule Schedule Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Add: Underapplied overhead Adjusted cost of goods soldSuperior Company Schedule of Cost Goods Manufactured Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Direct materials used in production Direct labor Manufacturing overhead applied to work in process Total manufacturing costs added to production Total manufacturing costs to account for 0 Cost of goods manufacturedSuperior Company provided the following data for the year ended December 31 [all raw materials are used in production as direct materials}: Belling expenses 5 213,333 Purchases of raw materials 5 235,333 Direct labor ? Administrative expenses 5 155,333 Manufacturing overhead applied to work in process 5 3?3,333 Actual manufacturing overhead cost $ 333,333 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 53,333 $ 34,333 work in process ? $ 2?,333 Finished goods $ 43,333 ? The total manufacturing costs added to production for the year were $635,333; the cost of goods available for sale totaled $?25,333; the unadjusted cost of goods sold totaled $635,333; and the net operating income was $33,333. 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 ma nufactured.)