Superior Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials): Inventory balances at the beginning and end of the year were as follows: 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. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)