3. Oma Company produces glass jars. It had the following inventory balances at the beginning and end of the year: Item Beginning Ending Raw Material $ 55,000 $ 75,000 Work-in-Process 110,000 125,000 Finished Goods 160,000 155,000 During the year, the firm bought $240,000 in raw material and spent $420,000 on direct labor. Manufacturing overhead costs were: Indirect Material $12,000 Indirect Labor 22,000 Manufacturing Depreciation 110,000 Manufacturing Utilities 23,000 Other 35,000 Required: Prepare two schedules: a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold in good form (remember headings!)