Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows: $ 140,000 $ 290,000 ? $ 100,000 $ 285,000 $ 270,000 Raw materials Work in process Finished goods Beginning Ending $ 40,000 $ 10,000 ? $ 35,000 $ 50,000 ? The total manufacturing costs added to production for the year were $683,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $660,000; and the net operating income was $30,000. 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.) > Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare an income statement for the year. Sales Cost of goods sold Gross margin Superior Company Income Statement $ 915,000 (645,000) 270,000 Selling and administrative expenses: Selling expenses $ 140,000 Administrative expenses 100,000 Administrative expenses Net operating income 240,000 $ 30,000 > Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods manufactured. Beginning work in process inventory Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Total raw materials available Superior Company Schedule of Cost Goods Manufactured Less: Ending raw materials inventory Direct materials used in production Direct labor Manufacturing overhead applied to work in process Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured $ 270,000 x $ 40,000 290,000 330,000 (10,000) $ 320,000 78,000 285,000 683,000 953,000 (35,000) $ 690,000