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5 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 $ 210,000 $ 262,000 2 $ 159,000 $363,000 $ 351,000 Inventory balances at the beginning and end of the year were as follows: Beginning Inding kaw materials $ 57,000 $ 35,000 Nork in process 2 $ 27,000 Finished goods $ 33,000 2 The total manufacturing costs added to production for the year were $680,000, the cost of goods available for sale totaled $730,000; the unadjusted cost of goods sold totaled $664,000; and the net operating income was $32,000. 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 Sheria COGM Schedule Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods manufactured. Superior Company Schedule of Cost Goods Manufactured Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available LessEnding raw materials inventory Direct materials used in production Manufacturing overhead cost Beginning raw materials inventory Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 0 COGS Schedule COGM Schedule and an income statement. (Hint statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufacture Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM 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 Adjusted cost of goods sold Income Statement COGS Schedule COGM Schedule Prepare an income statement for the year. Superior Company Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Administrative expenses 0 0 Net operating income Inc pret COGS Schedule >