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 Direct labor Adsinistrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 214,280 $ 269,820 ? $ 153, eee s 375, eee $ 360, een Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of Year End of Year $ 60,000 $ 35, eee $ 32, see $ 33, eee The total manufacturing costs for the year were $675.000; the cost of goods available for sale totaled $730,000, the unadjusted cost of goods sold totaled $668,000 and the net operating income was $36,000. The company's underapplied or overapplied overhead is closed 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 an income statement for the year. Superior Company Income Statement Sales 0 Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses 0 Net operating income Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods sold. $ 33,000 Superior Company Schedule of Cost of Goods Sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Unadjusted cost of goods sold Less: Overapplied overhead Adjusted cost of goods sold 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 $ 60,000 269,000 Total raw materials available 329,000 Add: Ending raw materials inventory Raw materials used in production 35,000 $ 294,000 Direct labor 375,000 Manufacturing overhead applied to work in process Total manufacturing costs Add: Beginning work in process inventory 675,000 675,000 32,000 Less: Ending work in process inventory Cost of goods manufactured