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Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials):

Selling expenses	$ 218,000
Purchases of raw materials	$ 261,000
Direct labor	?
Administrative expenses	$ 152,000
Manufacturing overhead applied to work in process	$ 370,000
Actual manufacturing overhead cost	$ 352,000

Inventory balances at the beginning and end of the year were as follows:

	Beginning	Ending
Raw materials	$ 57,000	$ 40,000
Work in process	?	$ 30,000
Finished goods	$ 38,000	?

The total manufacturing costs added to production for the year were $690,000; the cost of goods available for sale totaled $745,000; the unadjusted cost of goods sold totaled $660,000; and the net operating income was $40,000. The companys underapplied or overapplied overhead is closed to Cost of Goods Sold.

Required:

Prepare an income statement for the year.

	Superior Company Income Statement Sales Cost of goods sold 0 Selling and administrative expenses: 0

Prepare a schedule of cost of goods sold.

	Superior Company Schedule of Cost of Goods Sold Adjusted cost of goods sold

Prepare a schedule of cost of goods manufactured.

	Superior Company Schedule of Cost Goods Manufactured Direct materials: Total raw materials available Direct materials used in production Total manufacturing costs added to production Total manufacturing costs to account for 0 Cost of goods manufactured

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