Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): $ 213,000 $ 262,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 160,000 $ 374,000 $ 359,000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year $ 51,000 ? $ 36,000 End of Year $ 39,000 $ 27,000 Raw materials Work in process Finished goods The total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $750,000; the unadjusted cost of goods sold totaled $667,000; and the net operating income was $35,000. 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.)