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Problem 2-23A Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO2-6] Superior Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials): $210,000 Selling expenses $266,000 Purchases of raw materials Direct labor Administrative expenses $157,000 Manufacturing overhead applied to work in process $336,000 $354,000 Total actual manufacturing overhead costs Inventory balances at the beginning and end of the year were asfollows: Beginning of Year End of Year Raw materials 55,000 $35,000 Work in process 32,000 Finished goods 36,000 The total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $667,000; and the net operating income was $33,000. The company's overapplied or underapplied overhead is closed entirely to Cost of Goods Sold. (Hint Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured