3.Smith Corporation has provided the following data for the month of December:

Inventories:	Beginning		Ending
Raw materials	$	25,500	$	21,500
Work in process	$	17,500	$	10,500
Finished Goods	$	48,500	$	56,500

Additional information:

Raw materials purchases	$	72,500
Direct labor cost	$	92,500
Manufacturing overhead cost incurred	$	42,550
Indirect materials included in manufacturing overhead cost incurred	$	4,050
Manufacturing overhead cost applied to Work in Process	$	41,500

Any underapplied or overapplied manufacturing overhead is closed out to cost of goods sold.

Required:

Prepare a Schedule of Cost of Goods Manufactured (8points) and a Schedule of Cost of Goods Sold (8 points).