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

Selling expenses	$	216,000
Purchases of raw materials	$	267,000
Direct labor		?
Administrative expenses	$	155,000
Manufacturing overhead applied to work in process	$	371,000
Actual manufacturing overhead cost	$	351,000

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

	Beginning of Year			End of Year
Raw materials	$	55,000		$	37,000
Work in process		?		$	25,000
Finished goods	$	34,000			?

The total manufacturing costs for the year were $685,000; the cost of goods available for sale totaled $740,000; the unadjusted cost of goods sold totaled $663,000; 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