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 (points) and a Schedule of Cost of Goods Sold (8 points)