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 $$665,000$; and the net operating income was $$37,000.$ 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.$)$