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

Direct labor cost	158,000
Raw material purchases	172,000
Manufacturing overhead applied to work in process	150,000
Actual manufacturing overhead costs	178,050
Inventories:	Beginning	Ending
Raw materials	$17,000	$15,500
Work in process	16,000	12,750
Finished goods	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 companys underapplied or overapplied overhead is closed to Cost of Goods Sold.