Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): $ 219,000 268,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost 153,000 5 366,000 $ 353,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning $ 60,000 ? $ 31,000 Ending $ 35,000 $ 28,000 ? The total manufacturing costs added to production for the year were $675,000, the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $660,000; and the net operating income was $38,000. The company's underapplied or overapplied overhead is closed to cost of Goods Sold. LUUS Statement Schedule LUGM 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 $ 1,057,000 647,000 410,000 219,000 153,000 372.000 38,000 Net operating income $ ncome SESE COGS Schedule > 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 31,000 707 000 738,000 78,000 660,000 13,000 647,000 $ Prepare a schedule of cost of goods manufactured. Superior Company Schedule of Cost Goods Manufactured -29 $ 60,000 268,000 328.000 35,000 s Direct materials Beginning raw materials inventory Add: Ending raw materials inventory Total raw materials available Less: Ending raw materials inventory Direct materials used in production Direct labor Manufacturing overhead cost Total manufacturing costs added to production Total manufacturing costs to account for Less Ending work in process inventory Cost of goods manufactured 293,000 16,000 366,000 675,000 675,000 28,000 707.000 $ COGM Schedule