Selected account balances for the year ended December 31 are provided below for Superior Company: 3:21 Selling and administrative salaries Insurance, factory Utilities, factory Purchases of raw materials Indirect labour Direct labour Advertising expense Cleaning supplies, factory Sales commissions Rent, factory building Maintenance, factory $196,000 7,200 51,500 ? 62,000 101,800 76,500 7,500 40,500 120,000 30,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of the Year 560,800 2 45,000 End of the Year $ 8,300 32,800 92,000 The total manufacturing costs for the year were $708,000, and the cost of goods sold totalled $665,000. Required: 1. Prepare a schedule of cost of goods manufactured. SUPERIOR COMPANY Schedule of Cost Goods Manufactured For the Year Ended December 31 Dema Raw materials inventory beginning $ 60 300 Ma Hamas inventory ending 50.000 50.300 SUPERIOR COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31 Direct materials: Raw materials inventory, beginning 60,800 Add: Raw materials inventory, ending Raw materials available for use 60,800 $ 60,800 Raw materials used in production Direct labour Manufacturing overhead: Total overhead costs Total manufacturing costs 0 60.800 Total work in process inventory 60.800 Cost of goods manufactured CA 60,800