Superior Company provided the following data for the year ended December 31 (al raw materials are used in production as direct materials] Inventory balances at the beginning and end of the year were as tollows: The total manufacturing costs added to production for the year were $690,000; the cost of goods avalable for sale totaled $725,000 : the unadjusted cost of goods sold totaled $665,000, and the net operating income was $30,000. 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)