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

materials$)$:

Beginning and ending inventory balances were as follows:

The total manufacturing costs added to production for the year were $$675,000$; the cost of goods available for sale totaled $$740,000$;

the unadjusted cost of goods sold totaled $$666,000$; and the net operating income was $$39,000.$ 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.$)$

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