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 Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost $ 140,000 $ 290,000 ? $ 100,000 $ 285,000 $ 270,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of Year End of Year $ 40,000 $ 10,000 ? $ 35,000 $ 50,000 ? The total manufacturing costs 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.) Income Statement COGS Schedule COGM Schedule Prepare an income statement for the year. Superior Company Income Statement Selling and administrative expenses: Income Statement COGS Schedule > Accounts payable Accounts receivable Accumulated depreciation Administrative expenses Cash Cost of goods sold Depreciation expense Finished goods Manufacturing overhead Raw materials Raw materials Sales Selling expenses Wages payable Work in process Superior Company Schedule of Cost of Goods Sold Adjusted cost of goods sold Beginning finished goods inventory Cost of goods available for sale Direct labor Raw materials inventory, beginning Raw materials inventory, ending Unadjusted cost of goods sold Add: Cost of goods manufactured Add: Ending finished goods inventory Add: Overapplied overhead Add: Underapplied overhead Less: Cost of goods manufactured Add: Underapplied overhead Less: Cost of goods manufactured Less: Ending finished goods inventory Less: Overapplied overhead Less: Underapplied overhead Complete this question by entering your answers in the tabs below. Income Statement COGS Schedule COGM Schedule Prepare a schedule of cost of goods manufactured. Superior Company Schedule of Cost Goods Manufactured Direct materials: Total raw materials available Raw materials used in production Total manufacturing costs 0 Cost of goods manufactured Beginning raw materials inventory Direct labor Indirect labor Manufacturing overhead applied to work in process Manufacturing overhead cost 6C Durchase of raw materials Manufacturing overhead cost Purchase of raw materials Raw materials inventory, beginning Raw materials inventory, ending Utilities, factory Add: Beginning work in process inventory Add: Ending raw materials inventory Add: Ending work in process inventory Add: Purchases of raw materials Less: Beginning work in process inventory Add: Purchases of raw materials Less: Beginning work in process inventory Less: Ending raw materials inventory Less: Ending work in process inventory Less: Purchase of raw materials