Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 210,000 Purchases of raw materials $ 269,000 Direct labor 7 Administrative expenses $ 155,000 Manufacturing overhead applied to work in process $ 370,000 Actual manufacturing overhead cost $ 355,000 Inventory balances at the beginning and end of the year were as follows: B e ~_Beginning Ending Raw materials $ 56,000 $ 37,000 Work in process ? $ 28,000 Finished goods $ 31,000 ? The total'manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $750,000; the unadjusted cost of goods sold totaled $662,000; and the net operating income was $33,000. 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 i goods sold and an income statement. (Hint: Prepare the incom statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufaf:tured.) % LS Complete this question by entering your answers in the tabs below. Income Statement B \\ COGS \\ i COGM Schedule \" Schedule | Prepare an income statement for the year. & 5| @ o 3 a o a 2 2, = o g @ > o o : 2 9 COGS Schedule )