Show correct answers 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.) Complete this question by entering your answers in the tabs below. Income Statement|COGS Schedule : COGM Schedule Prepare a schedule of cost of goods manufactured. Superior Company Schedule of Cost Goods Manufactured Direct materials: Beginning raw materials inventory $ 53,000 Add: Purchases of raw materials 264,000 Total raw materials available 317,000 Less: Ending raw materials inventory 32,000 Raw materials used in production $ 285,000 Direct labor 26,000 Manufacturing overhead applied to work in process 369,000 Total manufacturing costs 680,000 Add: Beginning work in process inventory 58,000 738,000 Less: Ending work in process inventory 24,000 Cost of goods manufactured $ 714,000 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. Superior Company Schedule of Cost of Goods Sold Beginning finished goods inventory 36,000 Add: Cost of goods manufactured 714,000 Cost of goods available for sale 750,000 Less: Ending finished goods inventory 81,000 Unadjusted cost of goods sold V 669,000 Less: Overapplied overhead 14,000 Adjusted cost of goods sold 655,000 Income Statement COGS Schedule COGM Schedule Prepare an income statement for the year. Superior Company Income Statement Sales 1,050,000 Cost of goods sold 655,000 Gross margin 395,000 Selling and administrative expenses: Selling expenses $ 212,000 Administrative expenses 152,000 364,000 Net operating income $ 31,000 coes ScheduleUse "given" and your "results" from HW4 Question 15 on CONNECT to complete the Project requirements below for Superior Company. Highlighted requirements are check figures that can be found in comments section on CONNECT. NOTE: Make sure you click "show correct answers" on CONNECT if you got any part of the problem wrong. Please make sure you are using CORRECT answers. 1) Write summary journal entries for Superior Company for the following transactions for the period as calculated/given in the problem on CONNECT. a) Purchase of raw material. b) Transfer of Raw material to Work-in-Process c) Application of Direct Labor to Work-in-Process 1) Application of Manufacturing Overhead to Work-in-Process e) Transfer of Work-in-Process to Finished Goods f) Revenue for the sale of goods manufactured g) Cost of goods sold h) The incurrence of the actual overhead costs (use "various" to represent multiple accounts) i) Clear the Overhead account. 12) Use the T-accounts below, Include the beginning balances in each of the accounts below. Post the journal entries written in 2) above. Determine the ending balances for each account and verify that they agree with the ending balances used on CONNECT. Raw Material Work-in-Process Finished Goods MOH Clearing COGS