Randolph Company reports the following information pertaining to its operating activities: Ending Beginning Balance Balance Materials Inventory . Work in Process Inventory Finished Goods Inventory $70,000 $60,000 79,000 41,000 16,000 21,000 During the year, the company purchased $135,000 of direct materials and incurred $22,000 of direct labor costs. Total manufacturing overhead costs for the year amounted to $19,000. Selling and administrative expenses amounted to $30,000, and the company's annual sales amounted to S280.000. Prepare Randolph's schedule of the cost of finished goods manufactured. Prepare Randolph's income statement (ignore income taxes) a. b