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 $ 219,000 $ 261,000 2 $ 152,000 $ 374,000 $ 355,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning $ 56,000 2 $ 37,000 Ending $ 32,000 $ 28,000 The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $730,000; the unadjusted cost of goods sold totaled $665,000; and the net operating income was $31,000. 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 huu Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare an income statement for the year. Superior Company Income Statement Sales Cost of goods sold (Gross margin Selling and administrative expenses: Selling expenses Administrative expenses $ 1,053,000 645,000 408,000 $ 218,000 153,000 Net operating income 371,000 31,000 $ Complete this question by entering your answers in the tabs below. Income Statement COGS sthedule COGM Schedule Prepare a schedule of cost of goods sold. $ 37,000 Superior Company Schedule of Cost of Goods Sold 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 730,000 $ 19,000 644,000 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 Beginning work in process inventory Direct materials: Beginning raw materials inventory $ 56,000 Add: Purchases of raw materials 261,000 Total raw materials available 317,000 Less: Ending raw materials inventory 32,000 Direct materials used in production Direct labor Manufacturing overhead applied to work in process Total manufacturing costs added to production Total manufacturing costs to account for Less: Ending work in process inventory Cost of goods manufactured $ 285,000 18,000 374,000 675,000 675,000