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 210,080 $ 269,088 s 152,880 365,090 S352,088 Inventory balances at the beginning and end of the year were as follows: Beginning o s 50,880 38,000 s 35,ee8 YearEnd of Year Raw materials Work in process Finished goods S 33,080 The total manufacturing costs for the year were $690,000: the cost of goods available for sale totaled $720,000; the unadjusted cost of goods sold toteled $664,000: and the net operating income was $32.000. The company's underapplied or overapplied overheadi closed to Cost of Goods Sold. Required: Prepare schedules of cost of goods manufactured ?nd 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 COGM COGS Statement Schedule Schedule Prepare an income statement for the year. Superior Company Income Statement