The following data from the just completed year are taken from the accounting records of ABC Company Direct labor cost Raw material purchases Manufacturing overhead applied to work in process Actual manufacturing overhead costs Inventories: Raw materials Work in process Finished goods 158,000 172,000 150,000 178,050 Beginning Ending $17.000 $15,500 16,000 12.750 7.500 9.500 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 company's underapplied or overapplied overhead is closed to Cost of Goods Sold