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 Purchases of raw materials Direct labor $229,000 $275,000 ? Administrative expenses 163,000 $ Manufacturing overhead applied to work in 348,000 $ process Total actual manufacturing overhead costs 383,000 $ Inventory balances at the beginning and end of the year were as follows: Beginning of Year Raw materials $65,000 Work in process Finished goods ? $38,200 End of Year $31,200 $35,000 ? The total manufacturing costs for the year were $697,000; the cost of goods available for sale totaled $737,000; the unadjusted cost of goods sold totaled $669,000; and the net operating income was $45,000. 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.)