Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) Selling expenses Purchases of raw materiale Direct labor Administrative expenses Manufac ring overhead applied to work in process Actual manufacturing overhead cost $ 214,000 $ 270,000 7 $ 152,000 $363,000 $ 351,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in proceso Finished goods Beginning or Year 60,000 2 39,000 ind of Year $ 33,000 $ 30,000 2 The total manufacturing costs for the year were $690,000; the cost of goods available for sale totaled $745,000; the unadjusted cost of goods sold totaled $661,000, and the net operating income was $35,000. 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) BER Income Statement COGS Schedule COGM Schedule Prepare an income statement for the year. Superior Company Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses + 0 Complete this question by entering your andwers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Less: Overapplied overhead Adjusted cost of goods sold Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods manufactured. Superior Company Schedule of Cost Goods Manufactured Direct material Beginning raw materials inventory Total raw materials available Raw materials used in production Total manufacturing costs 0 Cost of goods manufactured