Valenko Co. provided the following account balances for the year ended December 31.

Selling expenses... $215000
Purchases of raw materials... $260000
Dect labor..
Administrative expenses... $160000
Manufacturing overhead applied to work in process... $340000
Total actual manufacturing overhead cost... $350000

Inventory balances at the beginning and end of the year were:
Beginning Ending
Raw materials $50000 $40000
Work in process ? $33000
Finished goods $30000 ?



Total manufacturing cost = $675000
Goods available for sale = $720000
Unadjusted cost of goods sold = $665000
Net operating cost = $35000

Question:
prepare schedules of cost of goods manufactured and cost of goods sold and an income statement. (prepare the income statement and schedules of cost of goods sold first?)

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I'm sorry... This is what I did

Total Mfg cost = Direct materials used + applied overhead + labor cost
675000 = 270000 + 340000 + labor cost
675000 = 610000 + labor cost
labor cost = 675000 - 610000
labor cost = 65000


Finished goods inventory = beginning finish goods inventory + cost goods manu - cost of goods sold

= 30000 + 675000 - 665000
= 705000 - 665000
= 40000

Once I calculate the finished goods and labor cost okay I can find my way with the others just want to make sure it correct.