Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Selling expensers Purchases of rav materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 213,000 $ 266,000 155,000 366,000 352,000 es Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Yea Rav materials Work in process Pinished goods $54,000 31,000 2 32,000 s 32,000 The total manufacturing costs for the year were $675,000, the cost of goods available for sale totaled $750,000; 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 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.) KPrev2 of 4 Next >