• Create an Income Statement, COGS Schedule and COGM scheduleSuperior Company provided the following data for the year ended December $31($all raw materials are used in production as direct materials$)$:Selling expenses $ $215,000$Purchases of raw materials $ $261,000$Direct labor $?$question markAdministrative expenses $ $154,000$Manufacturing overhead applied to work in process $ $364,000$Actual manufacturing overhead cost $ $353,000$Beginning and ending inventory balances were as follows: Beginning EndingRaw materials $ $59,000$ $ $38,000$Work in process $?$question mark $ $24,000$Finished goods $ $33,000?$question markThe total manufacturing costs added to production for the year were $$685,000$; the cost of goods available for sale totaled $$725,000$; the unadjusted cost of goods sold totaled $$664,000$; and the net operating income was $$31,000.$ The company$’$s underapplied or overapplied overhead is closed to Cost of Goods Sold.
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