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

materialsi:

Beginning and ending inventory balances were as follows:

The total manufacturing costs added to production for the year were $$685,000$; the cost of goods available for sale totaled $$735,000$

the unadjusted cost of goods sold totaled $$668,000$; and the net operating income was $$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. $($Wint: Prepare the income

statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.$\text{'}$