The following data from the just completed year are taken from the accounting records of Eccles Company: Sales Direct labour cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $734,000 103,000 145,000 113,000 56,000 223,000 246,000 Inventory Raw materials Work in process Finished goods Beginning of Year $ 9,300 6,300 71,300 End of Year $ 11,300 21,300 26,300 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. Finished goods Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials ECCLES COMPANY Schedule of Cost of Goods Manufactured Direct materials: Raw materials inventory, beginning Add: Purchases of raw materials Total raw materials available Deduct: Raw materials inventory, ending Raw materials used in production Total manufacturing costs Cost of goods manufactured 2. Prepare a schedule of cost of goods sold. ECCLES COMPANY Schedule of Cost of Goods Sold Adjusted cost of goods sold