Following is the trial balance of Rashid Products Company, Inc., as of December 31 of this year.

You are given the following information for the adjustments:
a.€“ f. Year- end inventories: raw materials, $ 46,300; work-in-process, $ 68,740; finished goods, $ 75,175.
g. Allowance for Doubtful Accounts to be increased by $ 890 [debit General Expenses].
h. Estimated depreciation of factory machinery, $ 11,625.
i. A study of the company€™s insurance policies shows that $ 1,430 of factory insurance expired during the year.
j. Accrued direct labor, $ 350; accrued indirect labor, $ 180; accrued sales commissions, $ 190 ( credit Wages and Commissions Payable).
k. Additional income tax, $ 1,429.

Required
1. Prepare a work sheet.
2. Prepare a statement of cost of goods manufactured.
3. Prepare an incomestatement.

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Rashid Products Company, Inc. Trial Balance December 31, 20- Account Name Cash Accounts Receivable Allowance for Doubtful Accounts Raw Materials Inventory Work-in-Process Inventory Finished Goods Inventory Prepaid Factory Insurance Machinery Accumulated Depreciation, Machinery Accounts Payable Common Stock Paid-in Capital in Excess of Stated Value Retained Earnings Not Sales Raw Materials Purchases inet) Direct Labor Indirect Labor Heat, Light, and Power Machinery Repairs Selling Expenses General Expenses Income Tax Expense Dobit Credit 4,620 39,380 1,595 49,500 78,430 75,020 1,980 148,700 46 200 32 230 110,000 22,000 77000 702.625 77000 180,670 87890 17600 9,900 153,945 66,055 3,960 91.650 991,650