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 $ 140,000 $ 290,000 $ 100,000 Manufacturing overhead applied to work in process $285,000 Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows: $270,000 Beginning Ending Raw materials $40,000 $10,000 Work in process Finished goods ? $35,000 $50,000 ? The total manufacturing costs added to production for the year were $683,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $660,000; and the net operating income was $30,000. 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.) Page 134