Alexsandar Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials): $281.000 ? Selling expenses $235,000 Purchases of raw materials Direct labor Administrative expenses $ 169,000 Manufacturing overhead applied to work in 354,000 process Total actual manufacturing overhead costs $395,000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Raw materials $ 68,000 $ 31,800 Work in process $38,000 Finished goods $ 38,800 ? 2 The total manufacturing costs for the year were $703,000 the cost of goods available for sale totaled $743,000, the unadjusted cost of goods sold totaled $672,000: and the net operating income was $48,000. The company's overapplied or underapplied overhead is closed entirely to cost of goods sold. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the schedule of cost of goods manufactured.) Required: 2. Prepare a schedule of cost of goods manufactured Alexsandar Company Schedule of Cost of Goods Manufactured For the Year Ended December 31 Direct Materials Total row materials available Raw materials used in production 5 0 Total manufacturing con Cout of good manufactured b. Prepare a schedule of cost of goods sold. Alexsandar Company Schedule of Cost of Goods Sold For the Year Ended December 31 0 0 Adjusted cost of goods sold $ 0 c. Prepare an income statement for the year. Alexsandar Company Income Statement For the Year Ended December 31 0 Selling and administrative expenses: 0 $ 0