Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) Selling expenses Purchases of raw materials $219,000 266,000 Direct labor 159,000 $ 367,000 357,000 Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Inventory balances at the beginning and end of the year were as follows Beginning of Year End of Year $ 58,000 35,000 Raw materials ? 32,000 Work in process Finished goods 33,000 The total manufacturing costs for the year were $670,000; the cost of goods available for sale totaled $730,000; the unadjusted cost of goods sold totaled $669,000; and the net operating income was $38,000. 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.) Cos Schedule COGM Income COGS Schedule Statement Prepare an income statement for the year. Superior Company Income Statement Selling and administrative expenses COGM COGS StatementSchedule Income Schedule Prepare a schedule of cost of goods sold Superior Company Schedule of Cost of Goods Sold Adjusted cost of goods sold COGS StatementSchedule Income COGM Schedule Prepare a schedule of cost of goods manufactured. Superior Company Schedule of Cost Goods Manufactured Direct materials: Total raw materials available Raw materials used in production Total manufacturing costs Cost of goods manufactured