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20 Problem 3-13 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement LO3-3] 10 points Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as direct materials) Selling expenses Purchasea of raw materials 211,000 s262,000 eBook Direct labor Adninistrative expensea Manufacturing overhead applied to work in process Actual nanufacturing overhead cost 155,000 362,000 352,000 Print Inventory balances at the beginning and end of the year were as follows Beginning of Year End of YearE 5 54,000 37,000 Rav naterials Work in process Finiabed goods 24,000 35,000 The total manufacturing costs for the year were $670,000, the cost of goods available for sale totaled $750,000; the unadjusted cost of goods sold totaled $665,000, and the net operating income was $32,000. 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) Complete this question by entering your answers in the tabs below.