3. Olmayayd lyiydi Company, a manufacturer of recyclable soda cans had the following inventory balances at the beginning and end of 2011. Inventory Classification Raw Materials Work in Process Finished Goods January 1 $50,000 120,000 100,000 December 31 $70,000 115,000 165,000 During 2011, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Indirect Material Indirect Labor Depreciation on Plant Selling and Administrative Expenses Utilities of Plant (electricity, etc.) Other Manufacturing Costs Sales Revenue $10,000 $25,000 $100,000 $110,000 $25,000 $30,000 $1,105,000 a. Prepare the Schedule of Cost of Goods Sold. b. Calculate the amounts of conversion cost and product cost