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 $ 213,000 Purchases of raw materials $ 265,000 Direct labor ? Administrative expenses $ 157,000 Manufacturing overhead applied to work in process $ 338,000 Total actual manufacturing overhead costs $ 351,000 Inventory balances at the beginning and end of the year were as follows: Beginning of Year End of Year Raw materials $ 54,000 $ 30,000 Work in process ? $ 33,000 Finished goods $ 34,000 ? The total manufacturing costs for the year were $675,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $665,000; and the net operating income was $31,000. The companys overapplied or underapplied overhead is closed entirely to cost of goods sold. Required: a. Prepare a schedule of cost of goods manufactured. (Input all amounts as positive values. Omit the "$" sign in your response.) Valenko Company Schedule of Cost of Goods Manufactured Direct materials: $ : Total raw materials available : Raw materials used in production Total manufacturing cost : : Cost of goods manufactured $ 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 $ : : : Adjusted cost of goods sold $ c. Prepare an income statement for the year. (Input all amounts as positive values. Omit the "$" sign in your response.) Valenko Company Income Statement $ Selling and administrative expenses: $ $