(Solved by Humans)-PROBLEM 3–22 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement...

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PROBLEM 3–22 Schedules of Cost of Goods Manufactured and Cost of Goods Sold; Income Statement [LO6] 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 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $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 . . . . . . . . . . . . . . . . Finished goods . . . . . . . . . . . . . . . . . ? $30,000 $33,000 ?   The total manufacturing costs for the year were $675,000; the cost of goods available for sale totaled $720,000; the unadjusted cost of goods sold totaled $665,000; and the net operating income was $35,000. The company’s overapplied or underapplied overhead is closed entirely to cost of goods sold. Required: Prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (Hint: Prepare the income statement and schedule of cost of goods sold first followed by the sched- ule of cost of goods manufactured.)