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I got the beginning inventory (1st line) and the COGS Manufactured (last line) wrong!

CoursHeroTranscribedText: Problem 3-13 (Algo) Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO3-3] Superior Company provided the following data forthe year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 220,000 Purchases of raw materials $ 267,000 Direct labor ? Administrative expenses 5 156,000 Manufacturing overhead applied to work in process $ 369,000 Actual manufacturing overhead cost $ 354,000 Inventory balances at the beginning and end ofthe year were as follows: Beginning Ending Raw materials $ 56,000 $ 31,000 Work in process ? $ 33, 000 Finished goods $ 36,000 7 The total manufacturing costs added to production for the year were $680,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $670,000; and the net operating income was $32,000. The company's underapplied or overa pplied 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.) Complete this question by entering your answers in the tabs below. Income COGS COGM Statement Schedule Schedule Prepare a schedule of cost of goods manufactured. 'eginning work in process inventory Direct materials: Beginning raw materials inventory $ 56,000 Add: Purchases of raw materials 267,000 _ Total raw materials available 323,000 Less: Ending raw materials inventory (31,000) Direct materials used in production $ 292,000 Total manufacturing costs added to production Total manufacturing costs to account for - 735,000 Less: Ending work in process inventory __ (33,000) Cost of goods manufactured Direct labor Manufacturing overhead applied to work in process

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