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	$214000
Purchases of Raw Materials	262000
Direct Labor	?
Administrative Expenses	159000
Manufacturing Overhead Applied to Work in Process	333000
Total Actual Manufacturing Overhead Costs	353000

Inventory balances at the beginning and end of the year were as follows:

	Beginning of Year	End of Year
Raw Materials	$51000	37000
Work in Process	?	24000
Finished Goods	33000	?

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 $663,000; and the net operating income was $32,000. The companys 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.)

Required:

a.

Prepare a schedule of cost of goods manufactured.

b.

Prepare a schedule of cost of goods sold.

c.	Prepare an income statement for the year.