MIDS OF COST OF ost of Goods Sold; Income Statement Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) Seling expenses $216,000 Purchases of raw materials $261.000 Direct labor Administrative expenses $157,000 Manufacturing overhead applied to work in process$373.000 Actual manufacturing overhead cost $350.000 Inventory balances at the beginning and end of the year were as follows Beginning Ending Raw materials 5 55,000 $30,000 Work in process $25,000 Finished goods $30,000 The total manufacturing costs added to production for the year were 5675,000, the cost of goods available for sale totaled $720,000, the unadjusted cost of goods sold totaled $631,000 and the not operating income was $32,000. The company's underapplied or overapplied overhead dosed to Cost of Goods Sold Required: Prepare schedules of cost of goods manufactured and cost of goods sold and income statement Oint Prepare the income statement and schedule of cost of goods sold first followed by the Schedule of cost of goods manufactured Superior Company Income Statement Superior Company Schedule of Cost of Goods sold Superior Company Schedule of Cost of Goods Manufactured