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Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement Superior Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials): $140,000 $290,000 $100,000 $285,000 $270,000 dministrative expenses Manufacturing overhead applied to work in process .. . . . . . Total actual manufacturing overhead costs . .. . . . . . . . . . . . . . Inventory balances at the beginning and end of the year were as follows: Beginning of Year $40,000 $50,000 End of Year $10,000 $35,000 Finished goods . 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 overapplied or underapplied overhead is closed entirely 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.) Prepare an income statement for the year. Superior Company Income Statement $40,000 290,000 (250,000) Raw materials Raw materials 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

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