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: $213,000 $260,000 $156,000 $ 370,000 $359,000 Raw materials Beginning $ 53,000 Ending $ 37,000 $27,000 Work in process Finished goods $ 35,000 The total manufacturing costs added to production for the year were $670,000; the cost of goods available for sale totaled $740,000 the unadjusted cost of goods sold totaled $669,000; and the net operating income was $35,000. 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 Income Statement Selling and administrative expenses: Superior Company Schedule of Cost of Goods Sold Adjusted cost of goods sold Direct materials: Superior Company, Schedule of Cost Goods Manufactured Total raw materials available Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for Cost of goods manufactured