The following data from the just completed year are taken from the accounting records of XYZ Company:

Direct labor cost	146,000
Raw material purchases	198,000
Manufacturing overhead applied to work in process	160,000
Actual manufacturing overhead costs	176,050
Inventories:	Beginning	Ending
Raw materials	$19,000	$16,500
Work in process	18,000	13,750
Finished goods	8,000	10,000

Required:

1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials.

2. Prepare a schedule of cost of goods sold. Assume that the companys underapplied or overapplied overhead is closed to Cost of Goods Sold.