The following costs and inventory data are taken from the books of the Ace Company as of December 31, 2020. Assume all raw materials are direct materials.

Direct labor costs $ 90,000

Purchases of raw materials $120,000

Manufacturing overhead applied to work in process $100,000

Actual manufacturing overhead costs $ 95,000

Inventories: January 1, 2020 December 31, 2020

Raw Materials $15,000 $10,000

Work in Process 21,000 26,000

Finished Goods 40,000 32,000

Required: 1.) Prepare a Schedule of Cost of Goods Manufactured.

2.) Prepare a Schedule of Cost of Goods Sold. Assume that the companys underapplied or overapplied overhead is closed to Cost of Goods Sold.