Superior Company provided the following data for the year ended December 31 materials w materials are used in production as direct $218.000 $261.00 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 156,000 $373, eee $ 357, Inventory balonces at the beginning and end of the year were as follows: Raw materials in recess Finished goods Beginning of End of Year Year 57.000 $ 30.000 25,000 $ 3.000 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 $662,000, and the net operating income was $6,000. 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 in 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. COURS schedule COGM Schedule Prepare an income statement for the year. Superior Company Income Statement Cost of goods sold Cromargin Sing and administrative expenses Belling expenses Administrative Superior Company provided the following data for the year ended December 31 ball raw materials are used in production as direct materials $ 218,000 $261.000 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 156, eee $373,000 $ 357.000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of Year $ 57,000 ? $ 38,000 End of Year $ 38,000 $ 25.000 ? 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 $662 000, and the net operating income was $36.000. 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 Mine Prepare the in 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 COGS Schedule COGM Schedule Statement Prepare a schedule of cost of goods sold. Schedule of Cost of Goods Sold tegning freshed goods wentary Add Cost of goods manufactured Cost of goods available for sale Tess Ending frihed goods inventory naduted cost of goods sold Less Overapped overhead Austed cost of goods sold Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 156,000 $ 373,098 $ 357,000 points Inventory balances at the beginning and end of the year were as follows eBook Raw materials Work in process Finished goods Beginning of Year $ 57,000 ? $ 38,000 End of Year $ 38,090 $ 25,000 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 $662,000, and the net operating income was $36,000. 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. (Mint 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 Statement COUSE Schedule Schedule Prepare a schedule of cost of goods manufactured Superior Company Schedule of Cost Good Manufactured Dured materials Beginning raw materials viventory Add: Purchases of raw materials Total w materials available Less Ending raw materials inventory Raw materials used in production Fored tabor acturing overhead applied to work in Total manufacturing costs Add Begining work in processive Less Ending work in processin Cost of goods manuactured