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) $ 25,000 5261, doo Selling expenses Purchases of asteris Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead coat $15.00 $$70,000 $350,000 Inventory balances at the beginning and end of the year were as follows Beginning $53,000 Raw materiala Nork in process Finished goods Ending $31.000 S29,000 536.000 The total manufacturing costs added to production for the year were $680.000, the cost of goods available for sale totaled S735,000, the unadjusted cost of goods sold totaled 5665,000, and the net operating income was $31,000. 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 chade of actre cold first followed by the erhedisle frostnaden Complete this question by entering your answers in the tabs be Income Statement COGS Schedule COGM Schedule Prepare an income statement for the year. Superior Company Income Statement 0 Selling and administrative expenses 0 CO Slatenent COG Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold Adjusted cost of goods sold Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods manufactured. Superior Company Schedule of Cost Goods Manufactured Direct materials Total raw materials available Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for 0 Cost of goods manufactured