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...............................................................................................$140,000 Purchases of raw materials................................................................................$290,000 Direct labor.........................................................................................................? Administrative expenses.....................................................................................$100,000 Manufacturing overhead applied to work in process...........................................$285,000 Total actual manufacturing overhead costs.........................................................$270,000 Inventory balances at the beginning of the month and end of the year were as follows: Beginning Year End year Raw Materials........................................................................................... $40,000 $10,000 Finished goods........................................................................................ $50,000 ? Work in Process................ ? $35,000 The total manufacturing costs for the year were $683,000: the cost of goods available for sale totaled $740,000: the unadjusted cost of goods sold totaled $660,000: and the net operating income was $30,000. The company's overapplied or underapplied overhead is closed entirely to Cost of Goods Sold. Requried: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule fo cost of goods sold first followed by the schedule of cost of goods manufactured.)