Superior Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials) Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Total actual manufacturing overhead costs $ 211,000 $ 262,000 $154,000 $ 330,000 $ 353,000 Inventory balances at the beginning and end of the year were as follow:s Beginning of Year End of Year Raw materials Work in process Finished goods $ 52,000 $38,000 ? 32,000 S 36,000 The total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $745,000; the unadjusted cost of goods sold totaled $666,000; and the net operating income was $37,000 The company's overapplied or underapplied overhead is closed entirely to Cost of Goods Sold Required a. Prepare a schedule of cost of goods manufactured SUPERIOR COMPANY Schedule of Cost Goods Manufactured Direct materials Raw materials inventory, beginning Add: Purchase of raw materials Raw materials available Less: Raw materials inventory, ending Raw materials used in production 52,000 262,000 314,000 38,000 Direct labor Manufacturing overhead applied to work in process inventory Total manufacturing costs Add: Work in process inventory, beginning $ 276,000 74,000 330,000 680,000 Less: Work in process inventory, ending Cost of goods manufactured 680,000 32,000 $648,000