Alexsandar Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses $ 226,000 Purchases of raw materials $ 272,000 Direct labor ? Administrative expenses $ 160,000 Manufacturing overhead applied to work in process $ 345,000 Total actual manufacturing overhead costs $ 377,000 ________________________________________ Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Raw materials $ 63,500 $ 30,900 Work in process ? $ 33,500 Finished goods $ 37,900 ? ________________________________________ The total manufacturing costs for the year were $694,000; the cost of goods available for sale totaled $734,000; the unadjusted cost of goods sold totaled $667,500; and the net operating income was $43,500. The companys 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. Prepare a schedule of cost of goods sold. c. Prepare an income statement for the year.