1. Below are production costs and inventory information for Fitness Inc in 2020. Costs incurred: Raw materials purchases $88,000 Direct labour 42,000 Factory rent 8,000 Factory utilities 2,000 Indirect materials 4,000 (inventoried separately from other materials) Indirect labour 6,000 Selling expenses 5,000 Administrative expenses 12,000 Inventories: January 1, 2020 Raw materials $8,000 Work in process 15,000 Finished goods 16,000 December 31, 2020 $7,000 13,000 12,000 Prepare a schedule of Cost of Goods Manufactured for Fitness Inc for the year ended December 31, 2016 in good form. (BO Points)