Superior company provided the following data for the year ended december 31 (all raw materials are used in production as direct materials): selling expenses $ 140,000 purchases of raw materials $ 290,000 direct labor ? administrative expenses $ 100,000 manufacturing overhead applied to work in process $ 285,000 actual manufacturing overhead cost $ 270,000 inventory balances at the beginning and end of the year were as follows: beginning of year end of year raw materials $ 40,000 $ 10,000 work in process ? $ 35,000 finished goods $ 50,000 ? the total manufacturing costs for the year were $683,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $660,000; and the net operating income was $30,000. 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.)