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 $140,000 $ 290,000 ? $ 100,000 $285,000 $ 270,000 Inventory balances at the beginning and end of the year were as follows: Baw natorials Work in process Finished goods Beginning 040,000 Ending 10,000 $ 35,000 50.000 2 The total manufacturing costs added to production for the year were $683,000, the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $660,000, and the net operating income was $30,000. 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.) Answer is not complete. Complete this question by entering your answers in the tabs below. 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.) Answer is not complete. Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare an income statement for the year. Superior Company Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Net operating income Income Statement 0 0 COGS Schedule > 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.) Answer is not complete. Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Less: Overapplied overhead Adjusted cost of goods sold Answer is not complete. Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods manufactured. Superior Company Schedule of Cost Goods Manufactured Beginning work in process inventory Direct materials: Beginning raw materials inventory Add: Purchases of raw materials. Total raw materials available Less: Ending raw materials inventory Direct materials used in production Direct labor Manufacturing overhead applied to work in process Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured 2.5 4 Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) Solling expens points Purchaous of tow naturials Direct labor Administrative exponess Manufacturing overhead applied to work in process Actual manufacturing averhead cost 00 0140,000 9290,000 7 100,000 0205,000 $270,000 Inventory balances at the beginning and end of the year were as follows: Print Daw materials References work in process Finished goods Beginning 40,000 Keding 10,000 35,000) 50,000 7 The total manufacturing costs added to production for the year were $683,000; the cost of goods available focsale totaled $740,000 the unadjusted cost of goods sold totaled $660,000, and the net operating income was $30,000. 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 Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods manufactured