materials$)$:

Beginning and ending inventory balances were as follows:

The total manufacturing costs added to production for the year were $$685,000$; the cost of goods available for sale totaled $$730,000$;

the unadjusted cost of goods sold totaled $$669,000$; and the net operating income was $$36,000.$ 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.$)$

Complete this question by entering your answers in the tabs below.

Income

Statement

COGS

Schedule

COGM

Schedule

Prepare an income statement for the year.