The two answers with red X's need to be answered.

Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) Selling expenses $ 140,000 Purchases of raw materials $ 290,000 Direct labor 7 Administrative expenses $ 100,000 Manufacturing overhead applied to work in process $285,000 Actual manufacturing overhead cost $ 270,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 40,000 $ 10,000 Work in process 2 $ 35,000 Finished goods $ 50,000 7 The total manufacturing costs added to production for the year were $683,000, the cost of goods available for sale totaled $740,000 the unadjusted cost of goods sold totaled $660,000; 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.) Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Income COGS COGM Statement Schedule 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 $ 140,000 Administrative expenses 100,000 $ 915,000 645,000 270,000 x Accounts payable Net operating income 240,000 $ 30,000 In COGS Schedule > $ 240,000 Income COGS COGM Statement Schedule 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 $ 40,000 Add: Purchases of raw materials 290,000 Total raw materials available 330,000 Less: Ending raw materials inventory 10,000 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 $ 34.000 78,000 285,000 683,000 923,000 35,000 $ 690,000