Please do not give solution in image format thanku Prepare schedules of cost of goods manufactured and cost of goods sold and an Income statement. (Hint Prepare the incomestatement 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.IncomeStatementCOGSSchedulePrepare an income statement for the year.Superior CompanyIncome StatementSalesCost of goods soldGross marginSelling and administrative expenses:Selling expensesAdministrative expensesNet operating incomeIncomeStatementRequired:Prepare schedules of cost of goods manufactured and cost of goods sold and an Income statement. (Hint Prepare the Incomestatement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)COGSScheduleComplete this question by entering your answers in the tabs below.COGMSchedulePrepare a schedule of cost of goods sold.Superior CompanySchedule of Cost of Goods SoldBeginning finished goods inventoryAdd: Cost of goods manufacturedCost of goods available for saleLess: Ending finished goods inventoryUnadjusted cost of goods soldLess: Overapplied overheadAdjusted cost of goods soldIncomeStatementCOGMScheduleCOGSScheduleBeginning work in process inventoryDirect materials:< Income StatementRequired:Prepare schedules of cost of goods manufactured and cost of goods sold and an Income statement. (Hint Prepare the incomestatement 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.COGMScheduleBeginning raw materials inventoryAdd: Purchases of raw materialsTotal raw materials availablePrepare a schedule of cost of goods manufactured.Less: Ending raw materials inventoryDirect materials used in production0Superior CompanySchedule of Cost Goods Manufactured0Direct laborManufacturing overhead applied to work in processTotal manufacturing costs added to productionTotal manufacturing costs to account forLess: Ending work in process inventoryCost of goods manufacturedCOGS Schedule >0 Superior Company provided the following data for the year ended December 31 (all raw materials are used in production as directmaterials):Selling expensesPurchases of raw materialsDirect laborAdministrative expensesManufacturing overhead applied to work in processActual manufacturing overhead costInventory balances at the beginning and end of the year were as follows:Raw materialsWork in processFinished goodsBeginning$ 58,000?$ 38,000Ending$ 33,000$ 30,0002$ 220,000$ 264,000?$ 155,000$364,000$ 351,000The total manufacturing costs added to production for the year were $675,000; the cost of goods available for sale totaled $745,000:the unadjusted cost of goods sold totaled $663,000; and the net operating Income was $32,000. The company's underapplied oroverapplied 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 incomestatement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.)

Name: Please do not give solution in image format thanku Prepare schedules o
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Description: Please do not give solution in image format thanku Prepare schedules of cost of goods manufactured and cost of goods sold and an Income statement. (Hint Prepare the incomestatement and schedule of cost of goods sold first followed by the schedule of