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 $212.000 Purchases of raw materials $262.000 Direct labor 2 Administrative expenses $155.000 Manufacturing overhead applied to work in process $337.000 Total actual manufacturing overhead costs $352,000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Raw materials $ 51,000 $ 33,000 Work in process 2 $ 29,000 Finished goods $ 38.000 ? The total manufacturing costs for the year were $685,000, the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled S663,000, and the net operating income was $34,000 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.) Required: a. Prepare a schedule of cost of goods manufactured SUPERIOR COMPANY Schedule of Cost Goods Manufactured Direct materials: Raw materials available Raw materials used in production 0 Total manufacturing costs Cost of goods manufactured b. Prepare a schedule of cost of goods sold. SUPERIOR COMPANY Schedule of Cost of Goods Sold Adjusted cost of goods sold c. Prepare an income statement for the year. SUPEROIR COMPANY Income Statement Selling and administrative expenses: 0