managerial accounting

EXERCISE 1 Student Company provided the following account balances for the year ended December 31 Sales $ 500,000 Selling expenses $ 215,000 Purchase of raw materials $ 260,000 Indirect materials. ... $20,000 Direct Labor..... $ 65,000 Administrative expenses $ 160,000 Manufacturing overhead applied to work in process $ 340,000 Inventory balances at the beginning and end of the year were as follows: Beginning Ending Raw materials $ 50,000 $ 40,000 Work in process $ 48,000 $ 33,000 Finished goods.... ..$ 30,000 $ 55,000 Required: 1. Prepare schedule of cost of goods manufactured 2. Prepare schedule of cost of goods sold