From the account balances listed below, prepare a schedule of cost of goods manufactured for Timmons Manufacturing Company for the month ended December 31, 2016.

Account Balances

Finished Goods Inventory, December 31 $42,000

Factory Supervisory Salaries 12,000

Income Tax Expense 18,000

Raw Materials Inventory, December 1 12,000

Work In Process Inventory, December 31 25,000

Sales Salaries Expense 14,000

Factory Depreciation Expense 8,000

Finished Goods Inventory, December 1 35,000

Raw Materials Purchases 95,000

Work In Process Inventory, December 1 30,000

Factory Utilities Expense 4,000

Direct Labor 70,000

Raw Materials Inventory, December 31 19,000

Sales Returns and Allowances 5,000

Indirect Labor 21,000