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

selling expenses	$	210.000
Raw material purchases	$	267.000
direct labor		?
administrative expenses	$	160.000
Manufacturing overhead applied to work in the process	$	372.000
Actual overall cost of production	$	356.000

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

	New year			end of the year
raw materials	$	52.000		$	30.000
Working in the process		?		$	25.000
Finished goods	$	36.000			?

Total production cost for the year was $680,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $669,000; and net operating income was $33,000. The company's under-applied or over-applied overheads are charged to the Cost of Goods Sold.

Necessary:

Prepare a cost of goods produced and cost of goods sold and an income statement. ( Tip: Prepare the income statement and cost-of-goods-sold statement first, then the cost-of-goods statement.)