Superior Company provided the following data for the year ended December 31 fall ray materials are used in production as direct materials) $ 216,000 $ 269,000 Selling expenses Purchases of raw materials Direct Labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 150,000 5 369.000 $ 353,000 Inventory balances at the beginning and end of the year were as follows: Beinn $ 51,000 Raw materials Work in process Minished goods Ending 533 3 31.000 $ 40,000 The total manufacturing costs added to production for the year were $670,000, the cost of goods available for sale totaled 5730,000: the unadjusted cost of goods sold totaled $664,000 and the net operating income was $37,000. 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)