Superior Company provided the following data for the year ended December $31($all raw materials are used in production as direct materials$)$:

Selling expenses $ $213,000$

Purchases of raw materials $ $266,000$

Direct labor $?$

Administrative expenses $ $158,000$

Manufacturing overhead applied to work in process $ $374,000$

Actual manufacturing overhead cost $ $356,000$

Inventory balances at the beginning and end of the year were as follows:

Beginning Ending

Raw materials $ $59,000$ $ $31,000$

Work in process $?$ $ $31,000$

Finished goods $ $33,000?$

The total manufacturing costs added to production for the year were $$670,000$; the cost of goods available for sale totaled $$750,000$; the unadjusted cost of goods sold totaled $$661,000$; and the net operating income was $$31,000.$ 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.$)$