Please explain with steps

PROBLEM 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement QLO3-3 Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 140,000 Purchases of raw materials $ 290,000 Direct labor Administrative expenses $ 100,000 Manufacturing overhead applied to work in process $285,000 Actual manufacturing overhead cost $ 270,000 ? Inventory balances at the beginning and end of the year were as follows: Beginning Ending $40,000 $10,000 Raw materials Work in process ? $35.000 Finished goods $50,000 ? The total manufacturing costs added to production for the year were $683.000; the cost of goods available for sale totaled $740.000; the unadjusted cost of goods sold totaled $660.000; and the net operating income was $30,000. 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.) Page 134