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: $ 218,000 $267,000 2 $158,000 $ 376,000 $ 359,000 Rav naterials Work in process Finished goods Beginning $ 57,000 Ending $ 31,000 7 $ 24,000 $ 39,000 The total manufacturing costs added to production for the year were $675,000; the cost of goods available for sale totaled $745,000; the unadjusted cost of goods sold totaled $661,000; and the net operating income was $31,000. 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.) Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare an income statement for the year. Superior Company Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses Seling expenses Administrative expenses Net operating income 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: Raw materials Work in process Finished goods Beginning $ 57,000 2 Ending $31,000 $ 24,000 $ 39,000 2 $ 218,000) $267,000 2 $ 158,000 $ 376,000 $ 359,000 The total manufacturing costs added to production for the year were $675,000; the cost of goods available for sale totaled $745,000; the unadjusted cost of goods sold totaled $661,000; and the net operating income was $31,000. 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.) Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Adjusted cost of goods sold Inventory Daidiices at the beginning and end of the year were as IUIUS. Ending, Raw materials Work in process Finished goods Beginning $ 57,000 $ 31,000 2 $ 24,000 $ 39,000 ? The total manufacturing costs added to production for the year were $675,000; the cost of goods available for sale totaled $745,000; the unadjusted cost of goods sold totaled $661,000; and the net operating income was $31,000. 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.) 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. Superior Company Schedule of Cost Goods Manufactured Beginning work in process inventory Direct materials: Beginning raw materials inventory Add: Purchases of raw materials. Total raw materials available) Less: Ending raw materials inventory Direct materials used in production Direct labor Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 0