Selected account balances for the year ended December 31 are provided below for Superior Company: Selling and administrative salaries Insuranoe, factory Utilities, factory Purchases of raw materials Indirect labour Direct labour Advertising expense Cleaning supplies, factory Sales commissions Rent, factory building Maintenanoe, factory S 118,000 8,000 53,000 281,500 68,000 68.100 8.700 42,000 126,000 30,000 Inventory balances at the beginning and end of the year were as follows Beginning of End of the Year the Year S 64,000 S15,500 41,200 Raw materials Work in Finished goods 46,500 The total manufacturing costs for the year were $705,000, the goods available for sale totalled $757,000, and the cost of goods sold totalled $877,000 1.a Prepare a schedule of cost of goods manufactured. SUPERIOR COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31 Direct materials: Raw materials available for use Raw materials used in production overhead Total overhead costs Total Cost of goods manufactured 1.b Prepare the cost of goods sold section of the company's income statement for the year