Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) 228,880 $ 268,880 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 154,88e 369,880 $ 359,880 Inventory balances at the beginning and end of the year were as follows: Beginning of Year Raw materials Work in process Finished goods End of Y $ 58,808 38,880 ?$33,880 $ 39,800 The total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $750,000; 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. Requlrec 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 Schedule COGS COGM Prepare an income statement for the year. of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses S 220,000 154,000 374,000 operating income Income COGS Schedule> Income COGS Schedule COGM Statement uleSchedule Prepare a schedule of cost of goods manufactured. Superior Company Schedule of Cost Goods Manufactured Direct materials Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Raw materials used in production Direct labor Manufacturing overhead applied to work in process Total manufacturing costs Add: Beginning work in process inventory Less: Ending work in process inventory Cost of goods manufactured COGS Schedule COGM