Valenko Company provided the following account balances for the year ended December 31 (all raw materials are used in production as direct materials): Selling expenses 217,000 $ Purchases of raw materials $260,000 Direct labor ? 157,000 $ Administrative expenses Manufacturing overhead applied to work in process Total actual manufacturing overhead costs $ 339,000 $355,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of Year End of Year $59,000 $ 37,000 ? $29,000 $ 37,000 ? The total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $730,000; the unadjusted cost of goods sold totaled $669,000; and the net operating income was $32,000. The company's overapplied or underapplied overhead is closed entirely to cost of goods sold. Required: a.Prepare a schedule of cost of goods manufactured. (Input all amounts as positive values. Omit the "$" sign in your response.) Valenko Company Schedule of Cost of Goods Manufactured Direct materials: Beginning work in process inventory $ Add Purchases of raw materials 590001 260000 319000 Total raw materials available Deduct :) : Ending work in process inventory 37000 282000 Raw materials used in production Raw materials inventory, beginning Raw materials inventory, ending 59000 37000 1860001 Total manufacturing cost Add 3: Beginning work in process inventory 50000 236000 Deduct Ending work in process inventory 29000 Cost of goods manufactured $ 207000 c.Prepare an income statement for the year. (Input all amounts as positive values. Omit the "$" sign in your response.) Valenko Company Income Statement Sales 01 Cost of goods sold Gross margin 4 Selling and administrative expenses: Selling expenses A Administrative expense A Net operating income 4 b.Prepare a schedule of cost of goods sold. (Input all amounts as positive values. Omit the "$" sign in your response.) Valenko Company Schedule of Cost of Goods Sold Finished goods inventory, beginning Add Cost of goods manufactured 37000 A Cost of goods available for sale Deduct Finished goods inventory, ending - Unadjusted cost of goods sold Add J: Underapplied overhead 00 000 A Adjusted cost of goods sold