PLEASE COMPLETE LAST ONE: INCOME STATEMENT FOR THE YEAR

Superior Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials) Selling expenses 218,000 Purchases of raw materials 265,000 Direct labor 151,000 Administrative expenses Manufacturing overhead applied to work in process 332,000 Total actual manufacturing overhead costs 352,000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year 54,000 35,000 Raw materials 27,000 Work in process Finished goods 36,000 The total manufacturing costs for the year were $675,000; the cost of goods available for sale totaled $725,000; the unadjusted cost of goods sold totaled $669,000; and the net operating income was $39,000. The company's overapplied or underapplied overhead is closed entirely to Cost of Goods Sold. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)