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

Selling expenses

$

214,000

Purchases of raw materials

$

264,000

Direct labor

?

Administrative expenses

$

156,000

Manufacturing overhead applied to work in process

$

368,000

Actual manufacturing overhead cost

$

354,000

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

	Beginning of Year			End of Year
Raw materials	$	55,000		$	33,000
Work in process		?		$	27,000
Finished goods	$	33,000			?
The total manufacturing costs for the year were $690,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $669,000; and the net operating income was $34,000. The companys 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.)