Alexsandar Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials): $232,000 Selling expenses $278,000 Purchases of raw materials Direct labor 166,000 Administrative expenses $ 351,000 Manufacturing overhead applied to work in $ 389,000 process Total actual manufacturing overhead costs Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year $66,500 $31,500 $36,500 Raw materials Work in process Finished goods $38,500 ? The total manufacturing costs for the year were $700,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $670,500; and the net operating income was $46,500. 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: a. Prepare a schedule of cost of goods manufactured. Alexsandar Company Schedule of Cost of Goods 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 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