The following information is given for a company for 2022. Direct materials used $26,500 Direct labor 2,500 Manufacturing overhead applied 15,950 Work in process, January 1 17,700 Work in process, December 31 20,500 Manufacturing overhead incurred 16,550 Finished goods inventory, Jan 1 8,150 Finished goods inventory, Dec 31 7,850 Selling and administrative expenses 32,325 Sales 76,400 Required: Using the information above compute the following items in the space provided. Show your work to receive partial credit. 1. Cost of goods manufactured. 2. Adjusted cost of goods. 3. Net operating income