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Valenko Company provided the following account balances for the year ended December raw materials are used in production as direct materials):Selling expenses................$215,000Purchases of raw materials............$260,000Direct labor..................$?Administrative expenses.............$160,000 Manufacturing overhead applied to work in process..$340,000Total actual manufacturing overhead costs......$350,000Inventory balances at the beginning and end of the year were as follows:
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 under applied overhead is closed entirely to cost of goods sold.
Required:
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