Irresistible Art produces collectible pieces of art. The company's Raw Material . Inventory account includes the costs of both direct and indirect materials. Account balances for the company at the beginning and end of July 2010 follow: July 1.July31 Raw material $93200. $69600 Work in process inventory. $146400. 120000 Finished goods inventory. 72000. 104800 During the month, the company purchased $656,000 of raw material; direct material used during the period amounted to $504,000. Factory payroll costs for July were $788,000 of which 75 percent was related to direct labor. Overhead charges for depreciation, insurance, utilities, and maintenance totaled $600,000 for July. a. Prepare a schedule of cost of goods manufactured. b. Prepare a schedule of cost of goods sold