(Solved): Superior Company provided the following data for the year ended December 31 (all raw materials are u ...

Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) 212,000 266,000 Selling expenses Purchases of materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead cost 454,000 355,000 Inventory balances at the beginning and end of the year were follows Beginning 51,000materials Work in process Finished goods Ending 38,000 26,000 34,000 The total manufacturing costs added to production for the year were $685,000, the cost of goods available for sale totaled $ 735,000 the unadjusted cost of goods sold totaled $663,000, and the net operating income was $38,000. 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)