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 $ 215,000 $ 269,000 ? $ 156,000 $ 371,000 $ 354,000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year $ 54,000 Raw materials Work in process Pinished goods End of Year $ 40,000 $ 29,000 2 $ 37,000 The total manufacturing costs for the year were $670,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $660,000; and the net operating income was $32,000. 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.) Complete this question by entering your answers in the tabs below. 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 $ 54,000 Add: Purchases of raw materials Total raw materials available 269,000 323,000 40,000 Less: Ending raw materials inventory Raw materials used in production $ 283,000 Direct labor 371,000 Manufacturing overhead applied to work in process Total manufacturing costs Add: Beginning work in process inventory 0 29,000 Less: Ending work in process inventory Cost of goods manufactured Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold $ 37,000 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 (65,000) 660,000