BLEM 3-22 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income atement [LO6] Valenko Company provided the following account balances for the year ended December 31 (all aw materials are used in production as direct materials): Dual Camera Lenovo K5 play Selling expenses Purchases of raw materials Direct labor....**. Administrative expenses.. Manufacturing overhead applied to work in process. Total actual manufacturing overhead costs Inventory balances at the beginning and end of the year were as follows: $215,000 $260,000 $160,000 $340,000 $350,000 Raw materials Work in process Finished goods.. Beginning of Year End of Year $50,000 $40,000 $33,000 $30,000 ? The total manufacturing costs for the year were $675,000; the cost of goods available for sale totaled $720,000; the umdjusted cost of goods sold totaled $665,000; and the net operating income was $35,000. The company's overapplied or underapplied overhead is closed entirely to cost of goods sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the sched- ule of cost of goods manufactured.)