Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) $216.000 $260.000 Selling expenses Purchases of rex materials Direct labor Administrative expenses Manufacturing overhead splied to work in process Actual facturing overhead cost $ 156.000 $ 370,000 $351.000 Inventory balances at the beginning and end of the year were as follows: Kan materials Work in process Finished goods Beginning of Year End of Year $ 52,000 $ 30,000 7 $31.000 $ 30,000 The total manufacturing costs for the year were $670,000, the cost of goods available for sale totaled $730,000, the unadjusted cost of goods sold totaled $666.000; and the net operating income was $40,000. 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.) 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 0 Net operating income Income Statement COGS Schedule > Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold 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 materials Total raw materials available Raw materials used in production Total manufacturing costs Cost of goods manufactured