Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): materials): Selling expenses $ 214, 080 Selling expenses Purchases of raw materials, $ 265,000 Purchases of raw materials $ 214,000 $ 265,006 Direct labor Direct labor Administrative expenses $ 153, 000 Administrative expenses $ 153,000 Manufacturing overhead applied to work in process $ 370,090 Manufacturing overhead applied to work in process $ 370,000 Actual manufacturing overhead cost $ 350,090 Actual manufacturing overhead cost $ 350,000 Inventory balances at the beginning and end of the year were as follows: Inventory balances at the beginning and end of the year were as follows: Beginning Ending Beginning Ending Raw materials $ 53, 090 $ 36,090 Raw materials $ 53, 000 $ 36,000 Work in process $ 26,090 Work in process $ 26,060 Finished goods $ 38, 000 Finished goods $ 38,000 The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $740,000. The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $668,000, and the net operating income was $33,000. The company's underapplied or the unadjusted cost of goods sold totaled $668,000; and the net operating income was $33,000. The company's underapplied or overapplied overhead is closed to Cost of Goods Sold. overapplied overhead is closed to Cost of Goods Sold. Required: Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an Income statement. (Hint: Prepare the income 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.) 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. Complete this question by entering your answers in the tabs below. Income COGS COGM Statement Schedule Schedule Income COGS COGM Statement Schedule Schedule Prepare an income statement for the year. Prepare a schedule of cost of goods sold. Superior Company Income Statement Superior Company Schedule of Cost of Goods Sold Selling and administrative expenses. Adjusted cost of goods sold