Valeesha Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials):

Selling expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $215,000 Purchases of raw materials . . . . . . . . . . . . . . . . . . . . . . . . . . . . $260,000 Direct labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ?

Administrative expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $160,000

Manufacturing overhead applied to work in process . . . . . .. . . $340,000

Total actual manufacturing overhead costs . . . . . . . . . . . . . . . $350,000

Inventory balances at the beginning and end of the year were as follows:

Beginning of Year End of Year

Raw materials .. . . . $50,000 $40,000

Work in process . . .. . . ? $33,000

Finished goods . . . .. . $30,000 ?

The total manufacturing costs for the year were $675,000; the cost of goods available for sale total $720,000; the unadjusted cost of goods sold total $665,000; and the net operating income was $35,000. The companys over-applied or under-applied overhead is closed entirely to cost of goods sold.

Required: Prepare schedules of cost of goods manufactured and cost of goods sold