Highview Corp. applies manufacturing overhead to production at 125% of direct labor cost. During the year ended 20x8, manufacturing overhead of $100,000 was applied to production; actual manufacturing overhead was $109,000. Beginning Work in Process Inventory was $15,000 and beginning Finished Goods Inventory was $35,000. Work in Process Inventory increased by 10% during the year and Finished Goods Inventory decreased by 20% during the year. Sales for the year ended 20xx were $450,000, yielding a $130,000 gross profit. Complete the following schedule: