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 $ 220,000 Purchases of raw materials $ 264,000 Direct labor ? Administrative expenses $ 157,000 Manufacturing overhead applied to work in process $ 331,000 Total actual manufacturing overhead costs $ 356,000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Raw materials $ 52,000 $ 30,000 Work in process ? $ 29,000 Finished goods $ 33,000 ? The total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $662,000; and the net operating income was $31,000. The companys overapplied or underapplied overhead is closed entirely to Cost of Goods Sold. 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.