Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 218,000 Purchases of raw materials $ 264,000 Direct labor ? Administrative expenses $ 158,000 Manufacturing overhead applied to work in process $ 364,000 Actual manufacturing overhead cost $ 353,000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Raw materials $ 56,000 $ 40,000 Work in process ? $ 29,000 Finished goods $ 35,000 ? The total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $720,000; the unadjusted cost of goods sold totaled $667,000; and the net operating income was $39,000. The companys 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.)