Inventories Beginning $25,000 $16,000 Ending Raw materials $35,000 Work in process $18,000 Finished goods $36,000 $59,000 Additional information Raw materials purchases $71,000 Direct labor cost $83,000 Manufacturing overhead cost incurred $74,000 Manufacturing overhead cost applied to Work in Process $71,000 Required: Prepare a Schedule of Cost of Goods Manufactured and a Schedule of Cost of Goods Sold