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): Selling expenses $ 214,000 Purchases of raw materials $ 267,000 Direct labor ? Administrative expenses $ 153,000 Manufacturing overhead applied to work in process $ 333,000 Total actual manufacturing overhead costs $ 357,000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Raw materials $ 54,000 $ 31,000 Work in process ? $ 24,000 Finished goods $ 35,000 ? The total manufacturing costs for the year were $670,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $663,000; and the net operating income was $34,000. The companys overapplied or underapplied overhead is closed entirely to Cost of Goods Sold. Required:

a. Prepare a schedule of cost of goods manufactured.

b. Prepare a schedule of cost of goods sold.

c. Prepare an income statement for the year.