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 $216,000 Purchases of raw materials $261,000 Direct labor ? Administrative expenses $157,000 Manufacturing overhead applied to work in process$373,000 Actual manufacturing overhead cost $358,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 55,000 $30,000 Work in process ? $25,000 Finished goods $ 36,000 ? The total manufacturing costs added to production for the year were $675,000; the cost of goods available for sale totaled $720,000; the unadjusted cost of goods sold totaled $661,000; and the net operating income was $32,000. 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)