Problem 3-13 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): $ 219,000 $ 264,000 Salling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Retual manufacturing overhead cost $ 158,000 $ 378,000 $ 358,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of Year End of Year $ 58,000 $33,000 7 $ 27,000 $ 33,000 The total manufacturing costs for the year were $690,000; the cost of goods available for sale totaled $735,000. the unadjusted cost of goods sold totaled $660,000; and the net operating income was $37,000. 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.)