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 $$680,000$; the cost of goods available for sale totaled $$745,000$;

the unadjusted cost of goods sold totaled $$666,000$; and the net operating income was $$32,000.$ 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

COGS

COGM

Statement

Schedule

Schedule

Prepare an income statement for the year.

Complete this question by entering your answers in the tabs below.

Income

COGS

COGM

Statement

Schedule

Schedule

Prepare an income statement for the year.