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 Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost Beginning and ending inventory balances were as follows: Beginning $ 214,000 $ 261,000 $ 160,000 $ 378,000 $ 358,000 Raw materials Work in process Finished goods Ending $ 53,000 $ 37,000 ? $ 24,000 $ 39,000 ? The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $730,00 the unadjusted cost of goods sold totaled $660,000; and the net operating income was $34,000. 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.)