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 Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Total actual manufacturing overhead costs $214,000 $267,000 $160,000 $335,000 S351,000 Inventory balances at the beginning and end of the year were as follows Beginning of Year $52,000 End of Year S 30,000 S 23,000 Raw materials Work in process Finished goods $35,000 The total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $666,000; and the net operating income was $36,000 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 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