Problem 3-13 (Static) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LOB-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 ? 100,000 4.04.0- Administrative expenses $ Manufacturing overhead applied to work in process $ 285,000 Actual manufacturing overhead cost $ 270,000 Beginning and ending inventory balances were as follows: Beginning Ending Raw materials 5 40,000 $ 10,000 Work in process ? $ 35,000 Finished goods 5 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 ofgoods manufactured and cost of goods sold and an income statement. {Hint Prepare the income statement and schedule of cost of goods sold rst followed by the schedule of cost of goods manufactured.) Complete this question by entering your answers in the tabs below. Income COGS COGM Statement Schedule Schedule Prepare an income statement for the year. Selling and administrative expenses: COGS Schedule ) Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods sold. Adjusted cost of goods sold Complete this question by entering your answers in the tabs below. Income COGS COGM Statement Schedule Schedule Prepare a schedule of cost of goods manufactured. Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured