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 cont $ 217,000 $ 262,000 2 $ 158,000 $ 374,000 $ 355,000 Inventory balances at the beginning and end of the year were as follows: Beginning $ 59,000 raw materials Work in process Finished goods Ending $ 39,000 $ 29,000 2 $ 35,000 The total manufacturing costs added to production for the year were $670,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $669,000, and the net operating income was $36,000. 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.)