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 $ 220,000 $ 262,000 7 $153,000 5362,000 $ 351,000 Inventory balances at the beginning and end of the year were as follows: Beinning $57,000 flow materials Work in process Finished goods Ending $32,000 $ 26,00 2 $ 31,000 The total manufacturing costs added to production for the year were $685,000, the cost of goods available for sale totaled $745.000 the unadjusted cost of goods sold totaled $667000; and the net operating income was $34,000. 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. Complete this question by entering your answers in the tab 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 220,000 153,000 373,000 34,000 Net operating income KISHTE K earch Prepare se statement and schedule of cost of goods sold first followed by the sc! Complete this question by entering your answers in the tabs be Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods sold. $ 31,000 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 were to search o