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 lator

Adainistrative expenses

Manufacturing overhead applifed to xork in process

Actual nanufacturlng overtesd cost

Beginning and ending inventory balances were as follows:

$\backslash$table$[[,$teceliming,Ending$],[$Ran nateriais,$ $53,000,$$$4\mathrm{.}40,$ ese$],[$Work in process,,$326,000],[$ds:$,,]]$

The total manufacturing costs added to production for the year were $$680\mathrm{.}000,$ the cost of goods avallable for sale totaled $$725\mathrm{.}000$ : the unadjusted cost of goods sold totaled $$665\mathrm{.}000$ : and the net operating income was $$32000.$ The company's underapplied of overapplied overhead is closed to Cost of Goods Sold.

Required:

Prepare schedules of cort of goods manufactured and cost of goods soid and an income statement: $($Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedue of cost of goods manufactu'ed.$)$

Prepare an income statement for the year.

$\backslash$table$[[$Suporior Company$],[$income Statement$],[$S$20$:$25$:$,$o$),,,3,820\mathrm{.}0000],[$Cost of goods sold,o$.,,,,788\mathrm{.}0000],[$Grozs margin,$6,,,,32\mathrm{.}000],[$Seling and administraive expenses.,,,,$],[$Seling excinses,o$),,210\mathrm{.}0000,,],[$Aomristuative experses,o$,,155\mathrm{.}0000,,],[$I$-1),,,,,,],[,,,,,385\mathrm{.}000],[$Nes opetatity income,$0,,,3,32,0000],[,,,,,,],[\backslash$table$[[$sifiment$]],\backslash$table$[[\backslash$table$[[$coss$],[$sthindate$]]]],\backslash$table$[[\backslash$table$[[$cogl$],[$schind$]]]],,,,]]$

Prepare a schedule ef cose of goods sold.

$\backslash$table$[[$Superior Company$],[$Schedule of Cost of Goods Sold$],[$Fegening finished goodsi inverticy,Q$,3200000],[,0,7360000],[,3,3280000],[,$e$,380000],[,0,7360000],[$Aadi Oiverapp ed ouvernead,$9,],[$Aajusied costiol goods sold,,$]]$

Cost of goods marurisetured