Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) $ 210,000 $ 269,000 Selling expenses Purchase of a materiala Direct labor Administrative expenses Manufacturing overhead applied to WORK in proces Actual manaacturing overhead cost $ 158,000 5 375,000 $ 357.000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in proces Finished goods Beginning of Year $ 55.000 2 36.000 End of Year 40.000 20.000 2 The total manufacturing costs for the year were $675.000; the cost of goods available for sale totaled $735,000, the unadjusted cost of goods sold totaled $669000 and the net operating income was $31000. 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)