Superior Company provided the following data for the year ended December 31 (allraw materials are used in production as direct materials) $ 213,000 $266,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 355,000 $164,000 $352.000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Mane materials $ 51.000 $ 60,000 Work in process 2 $ 25,000 Finished goods 31,000 The total manufacturing costs for the year were $690,000, the cost of goods available for sale totaled $750,000, the unadjusted cost of goods sold totaled $663,000 and the net operating income was $36,000. The company's underapplied or over applied overneed 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 Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods manufactured. Superior Company Schedule of Cost Goods Manufactured Direct materials: Beginning raw materials inventory $ Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory Raw materials used in production Direct labor Manufacturing overhead applied to work in process Total manufacturing costs Add: Beginning work in process inventory 51,000 266,000 317,000 40,000 $ 277,000 364,000 0 25,000 Less: Ending work in process inventory Cost of goods manufactured $ 719,000