Information for Ace Manufacturing, Inc., as of December 31, follows:

Raw Materials Inventory, Jan 1$78,000Depreciation of factory equipment$25,000

Raw Materials Inventory, Dec 3164,000Direct labor68,000

Work in Process Inventory, Jan 126,000Factory supplies10,000

Work in Process Inventory, Dec 3136,000Depreciation of delivery vehicles16,000

Finished Goods Inventory, Jan 1100,000Factory building rent24,000

Finished Goods Inventory, Dec 3195,000Factory utilities14,000

Raw Materials Purchases190,000Interest expense11,000

Sales Commissions35,000Factory insurance15,000

Required:Prepare a Schedule of Cost of Goods Manufactured for the year ended December 31.

Bonus:After preparing the Schedule of Cost of Goods Manufactured, calculate Cost of Goods Sold.