Superior Company provided the following data for the year ended December $31($all raw materials are used in production as direct materials$)$:

Selling expenses $ $215,000$

Purchases of raw materials $ $267,000$

Direct labor $?$

Administrative expenses $ $159,000$

Manufacturing overhead applied to work in process $ $335,000$

Actual manufacturing overhead cost $ $355,000$

Inventory balances at the beginning and end of the year were as follows:

Beginning Ending

Raw materials $ $58,000$ $ $40,000$

Work in process $?$ $ $31,000$

Finished goods $ $39,000?$

The total manufacturing costs added to production for the year were $$680,000$; the cost of goods available for sale totalled $$740,000$; the unadjusted cost of goods sold totalled $$667,000$; and the net operating income was $$31,000.$

Required:

Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. $($Hint: Due to some missing information, you will need to work backwards. Prepare the income statement and the schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.$)$