Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials):

Selling expenses	$ 216,000
Purchases of raw materials	$ 267,000
Direct labor	?question mark
Administrative expenses	$ 150,000
Manufacturing overhead applied to work in process	$ 367,000
Actual manufacturing overhead cost	$ 352,000

Beginning and ending inventory balances were as follows:

	Beginning	Ending
Raw materials	$ 51,000	$ 32,000
Work in process	?question mark	$ 27,000
Finished goods	$ 35,000	?question mark

The total manufacturing costs added to production for the year were $675,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $668,000; and the net operating income was $34,000. The companys 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.)

Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials): Beginning and ending inventory balances were as follows: The total manufacturing costs added to production for the year were $675,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $668,000; 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.)