Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials $ 219 000 $ 264,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 159,00 $ 163,000 $ 351,00 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Raw waterials $ 51,000 $32,000 Work in process $ 28,000 Finished goods $ 30,000 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 $668,000, 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) Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare an income statement for the year. Superior Company Income Statement Selling and administrative expenses Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials $ 219, ee $ 264,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 159,000 $363,90 $ 351,00 Inventory balances at the beginning and end of the year were as follows: Time Beginning of Year End of Year $ 51,00 $32,000 > $ 28,00 $ 30,000 Raw materials Work in process Finished goods ences 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 $668,000, 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) Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare a schedule obst of goods sold. Superior Company Schedule of Cost of Goods Sold Adjusted cost of goods solo Inventory balances at the beginning and end of the year were as follows Raw Nterials work in process Finished goods Beginning of veur End of Year $ 51,00 $ 32,000 28, $ 30,00 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 $668,000; 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) Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods man COGM Schedule Superior Company Schedule of COLI Good Manulactured Direct materials: Total raw materials available Raw materials used in production Total manufacturing costs dow of goods manufactured