Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): $ 217.000 $261.000 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process hetual manufacturing overhead cost 150.000 $ 370,000 $ 356,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materiale $50,000 $31,000 Work in process ? 22.000 Finished good $ 35,000 7 The total manufacturing costs added to production for the year were $680,000, the cost of goods available for sale totaled $745,000, the unadjusted cost of goods sold totaled $667000; and the net operating Income was $40,000. 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)