Superior Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials): $213,000 Selling expenses $264,000 Purchases of raw materials Direct labor 153,000 Administrative expenses Manufacturing overhead applied to work in process 337.000 352,000 Total actual manufacturing overhead costs Inventory balances at the beginning and end of the year were as follows: Beginning of End of Year Year 51,000 35,000 Raw materials 27,000 Work in process 39,000 Finished goods The total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $730,000; the unadjusted cost of goods sold totaled $664,000; and the net operating income was $33,000. The company's overapplied or underapplied overhead is closed entirely to Cost of Goods Sold. (Hint Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)