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

Valenko Company provided the following account balances for the year ended December 31 (all raw materials used in production as direct materials Selling expenses Purchases of raw materials Direct labor Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs are $20,000 $20,000 $60,000 $60,000 $40,000 $50,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Finished goods Beginning of Year $50,000 $30,000 End of Year $30,000 $20,000 For the year, the sales revenue was $300,000 and the net operating income was $50,000. The company's overapplied or underapplied overhead is closed entirely to cost of goods sold 13. How much was Valenko Company's total manufacturing cost incurred during the year? A. $150,000 B. $160,000 C. $140,000 D. $130,000 E. None of the above 14. How much was Valenko Company's cost of goods manufactured for the year? A. $150,000 B. $160,000 C. $170,000 D. $180,000 E. $190,000