Superior Company provided the following data for the year ended December $31($all raw materials are used in production as direct

materials$)$:

Beginning and ending inventory balances were as follows:

The total manufacturing costs added to production for the year were $$675,000$; the cost of goods available for sale totaled $$725,000$;

the unadjusted cost of goods sold totaled $$668,000$; and the net operating income was $$33,000.$ 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.$)$Superior Company provided the following data for the year ended December $31($all raw materials are used in production as direct materials$)$:

Selling expenses $ $217,000$

Purchases of raw materials $ $266,000$

Direct labor $?$question mark

Administrative expenses $ $155,000$

Manufacturing overhead applied to work in process $ $369,000$

Actual manufacturing overhead cost $ $354,000$

Beginning and ending inventory balances were as follows:

Beginning Ending

Raw materials $ $55,000$ $ $31,000$

Work in process $?$question mark $ $29,000$

Finished goods $ $33,000?$question mark

The total manufacturing costs added to production for the year were $$675,000$; the cost of goods available for sale totaled $$725,000$; the unadjusted cost of goods sold totaled $$668,000$; and the net operating income was $$33,000.$ 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.$)$