3. Olmayayd lyiydi Company, a manufacturer of recyclable soda cans had the following inventory balances at the beginning and end of 2011. Inventory Classification Raw Materials Work in Process Finished Goods Indirect Material Indirect Labor January 1 December 31 $50,000 $70,000 120,000 100,000 During 2011, the company purchased $250,000 of raw material and spent $400,000 on direct labor. Manufacturing overhead costs were as follows: Depreciation on Plant Selling and Administrative Expenses Utilities of Plant (electricity, etc.) Other Manufacturing Costs Sales Revenue 115,000 165,000 a. Prepare the Schedule of Cost of Goods Sold. b. Calculate the amounts of conversion cost and product cost. $10,000 $25,000 $100,000 $110,000 $25,000 $30,000 $1,105,000