? Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 217,000 Purchases of raw materials $ 263,000 Direct labor Administrative expenses $ 159,000 Manufacturing overhead applied to work in process 5 377,000 Actual manufacturing overhead cost $ 359,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 51,000 $ 38,000 Work in process 2 $ 24,000 Pinished goods $ 40,000 The total manufacturing costs added to production for the year were $670,000; the cost of goods available for sale totaled $740,000 the unadjusted cost of goods sold totaled $664,000; and the net operating income was $39,000. The company's underapplied or overapplied overhead is closed 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.) 2