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	$	219,000
Purchases of raw materials	$	260,000
Direct labor		?
Administrative expenses	$	159,000
Manufacturing overhead applied to work in process	$	339,000
Total actual manufacturing overhead costs	$	353,000

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

	Beginning of Year			End of Year
Raw materials	$	54,000		$	35,000
Work in process		?		$	30,000
Finished goods	$	38,000			?

The total manufacturing costs for the year were $680,000; the cost of goods available for sale totaled $735,000; the unadjusted cost of goods sold totaled $670,000; and the net operating income was $40,000. 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:
(Click to select) Raw materials inventory, beginning Raw materials inventory, ending Ending work in process inventory Finished goods inventory, beginning Beginning work in process inventory	$
(Click to select) Add Deduct : (Click to select) Purchases of raw materials Raw materials inventory, ending Finished goods inventory, beginning Beginning work in process inventory Ending work in process inventory
Total raw materials available
(Click to select) Add Deduct : (Click to select) Purchases of raw materials Ending work in process inventory Beginning work in process inventory Raw materials inventory, ending Raw materials inventory, beginning
Raw materials used in production
(Click to select) Raw materials inventory, beginning Direct labor Ending work in process inventory Purchases of raw materials Raw materials inventory, ending
(Click to select) Purchases of raw materials Manufacturing overhead applied to work in process inventory Raw materials inventory, beginning Direct labor Raw materials inventory, ending
Total manufacturing cost
(Click to select) Deduct Add : (Click to select) Raw materials inventory, beginning Raw materials inventory, ending Ending work in process inventory Beginning work in process inventory Purchases of raw materials
(Click to select) Deduct Add : (Click to select) Raw materials inventory, ending Purchases of raw materials Raw materials inventory, beginning Beginning work in process inventory Ending work in process inventory
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
(Click to select) Cost of goods manufactured Overapplied overhead Finished goods inventory, ending Finished goods inventory, beginning Cost of goods available for sale	$
(Click to select) Deduct Add : (Click to select) Underapplied overhead Unadjusted cost of goods sold Overapplied overhead Cost of goods available for sale Cost of goods manufactured
(Click to select) Cost of goods manufactured Finished goods inventory, beginning Unadjusted cost of goods sold Cost of goods available for sale Finished goods inventory, ending
(Click to select) Add Deduct : (Click to select) Finished goods inventory, ending Cost of goods available for sale Cost of goods manufactured Underapplied overhead Overapplied overhead
(Click to select) Underapplied overhead Finished goods inventory, ending Finished goods inventory, beginning Cost of goods manufactured Unadjusted cost of goods sold
(Click to select) Add Deduct : (Click to select) Underapplied overhead Cost of goods available for sale Overapplied overhead Cost of goods manufactured Finished goods inventory, ending
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
(Click to select) Selling expenses Cost of goods sold Depreciation expense Sales Administrative expense		$
(Click to select) Administrative expense Depreciation expense Selling expenses Cost of goods sold Sales
(Click to select) Gross margin Gross loss
Selling and administrative expenses:
(Click to select) Administrative expense Selling expenses Insurance expense Rent expense Depreciation expense	$
(Click to select) Administrative expense Rent expense Insurance expense Selling expenses Depreciation expense
(Click to select) Net operating income Net operating loss		$