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 $ 140,000 $ 290,000 ? Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 100,000 $ 285,000 $ 270,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending $ 10,000 Raw materials $ 40,000 Work in process ? $ 35,000 Finished goods $ 50,000 ? 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.) X Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Income COGS COGM Schedule Statement Schedule Prepare an income statement for the year. Superior Company Income Statement Sales $ 915,000 Cost of goods sold (645,000) Gross margin 270,000 Selling and administrative expenses: Selling expenses Administrative expenses Administrative expenses 240,000 Net operating income 30,000 $ 140,000 100,000 $ > Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. COGS Income Statement COGM 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 Add: Purchases of raw materials Total raw materials available Less: Ending raw materials inventory 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 > ? ? > $ 40,000? 290,000? 330,000? (10,000) $ 320,000 78,000? 285,000? $ 270,000 X 683,000? 953,000 (35,000)? $ 690,000