Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) $212,000 $267,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $155,000 $368,000 $351,000 Inventory balances at the beginning and end of the year were as follows Beginning of Year End of Year Raw materials Work in process Finished goods $59,000 34,000 2 32,000 40,000 The total manufacturing costs for the year were $670,000; the cost of goods available for sale totaled $745,000; the unadjusted cost of goods sold totaled $665,000; 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.)