On December 31, Year 1, Zeus Manufacturing reported the following balances in its inventory accounts: Raw materials inventory Work in process inventory Finished goods inventory Account The following events occurred during Year 2: a. Purchased raw materials for cash, $375,000. b. Raw materials used to make products (moved to WIP), $359,500. c. Direct labor costs incurred of $204,000 3 d. Paid cash for actual overhead costs, $180,500. 4 e. Completed products that cost (cost of goods manufactured) $704,500. 5 f. Sold goods that had cost $696,000 for $985,000 cash. 67 6 g. Paid cash for selling and administrative expenses, $206,000. 89 10 Required: Prepare Zeus' schedule of cost of goods manufactured and sold for Year 2. Balance $21,000 32,500 36,500