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 $ 216,000 $ 263,000: ? $ 158,000 $369,000 $ 351,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning Ending $ 55,000 $ 32,000 $ 25,000 $ 37,000 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 $667.000, and the net operating Income was $34,000. 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)