300 EXERCISE 3-8 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [106] The following data from the just completed year are taken from the accounting records of Eccles Company: Sales. Direct labor cost $643,000 $90,000 Raw material purchases $132.000 Selling expenses.... $100,000 Administrative expenses. $43.000 Manufacturing overhead applied to work in process. $210,000 Actual manufacturing overhead costs $220,000 Inventories: Raw materials Work in process Finished goods. Beginning of End of Year Year $8,000 $10.000 $5,000 $20,000 $70,000 $25,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in produc- tion were direct materials. 2. Prepare a schedule of cost of goods sold. 3. Prepare an income statement.