Superior Company provided the following data for the year ended December 31 (all raw materials 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 $680,000; the cost of goods available for sale totaled $740,00 the unadjusted cost of goods sold totaled $661,000; 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.) Prepare an income statement for the year. Prepare a schedule of cost of goods sold. \begin{tabular}{|c|c:ccc} \hline Income & coGS & COGM \\ Statement & Schedule & Schedule \\ \hline \end{tabular} Prepare a schedule of cost of goods manufactured