Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement 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 $201,000 Direct labor '? Administrative expenses $15?,000 Manufacmring overhead applied to work in prooess$3?3.000 Actual manufacturing overhead cost $350,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 55,000 $30,000 Work in process 7 $25,000 Finished goods $ 35,000 'i' The total manufacturing costs added to production for the year were $6?5,000: the cost of goods available for sale totaled $20,000; the unadjusted cost of goods sold totaled $001,000; and the net operating income was $32,000. The company's underapplled or overapplled overhead is closed to Cost of Goods Sold