Alexsandar Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials): S 217,000 $263,000 Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Total actual manufacturing overhead costs 151,000 336,000 $ 359,000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Raw materials Work in process Finished goods 59,000 $30,000 ? $ 29,000 $ 37,000 The total manufacturing costs for the year were $685,000, the cost of goods availabie for sale totaled $725,000; the unadjusted cost of goods sold totaled $663,000; and the net operating income was $39,000 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.)