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

Selling expenses	$	218,000
Purchases of raw materials	$	261,000
Direct labor		?
Administrative expenses	$	156,000
Manufacturing overhead applied to work in process	$	364,000
Actual manufacturing overhead cost	$	352,000

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

	Beginning of Year			End of Year
Raw materials	$	55,000		$	37,000
Work in process		?		$	31,000
Finished goods	$	39,000			?

The total manufacturing costs for the year were $675,000; the cost of goods available for sale totaled $750,000; the unadjusted cost of goods sold totaled $669,000; and the net operating income was $39,000. The companys underapplied or overapplied overhead is closed to Cost of Goods Sold.

Required:

Prepare an income statement for the year. Superior Company Income Statement Selling and administrative expenses: Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold Adjusted cost of goods sold Superior Company Schedule of Cost Goods Manufactured Direct materials: Total raw materials available Raw materials used in production Total manufacturing costs Cost of goods manufactured