Problem 2-8 Preparing Financial Statements; Cost Behaviour (LO1 - CC1; LO5 - CC9, 10; LO6 - CC11, 12) Selected account balances for the year ended December 31 are provided below for Superior Company: Selling and administrative salaries Insurance, factory Utilities, factory Purchases of raw materials Indirect labour Direct labour Advertising expense Cleaning supplies, factory Sales commissions Rent, factory building Maintenance, factory $109,000 7,400 46,000 277,000 64,000 74,400 7,800 51,000 105,000 30,000 Inventory balances at the beginning and end of the year were as follows: Beginning of End of the Year the Year $ 61,600 13,600 34,900 Raw materials Work in process Finished goods 42,000 The total manufacturing costs for the year were $723,000, the goods available for sale totalled $751,000 and the cost of goods sold totalled $668,000