Superior Company provided the following data for the year ended December 31 (all raw materlals are used in production as direct materials): Inventory balances at the beginning and end of the year were as follows: The total manufacturing costs added to production for the year were $685,000; the cost of goods avallable for sale totaled $725,000; the unadjusted cost of goods sold totaled $663,000; and the net operating income was $31,000. The company's underapplled 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.) Superior Company Income Statement \begin{tabular}{|l|r|r|} \hline Sales & & \\ \hline Cost of goods sold & & 647,000 \\ \hline Gross margin & & (647,000) \\ \hline Selling and administrative expenses: & & \\ \hline Selling expenses & & \\ \hline Administrative expenses & & \\ \hline & & \\ \hline & & \\ \hline Net operating income & & \\ \hline \end{tabular} Prepare a schedule of cost of goods sold. Prepare a schedule of cost of goods manufactured