1. Prepare a schedule for Cost of Goods Manufactured for the year ended December 31.

Information for Ace Manufacturing, Inc., as of December 31, follows: Raw Materials Inventory, Jan 1 $ 78,000 Depreciation of factory equipment $25,000 Raw Materials Inventory, Dec 31 64,000 Direct labor 68,000 Work in Process Inventory, Jan 1 26,000 Factory supplies 10,000 Work in Process Inventory, Dec 31, 36,000 Depreciation of delivery vehicles 16,000 Finished Goods Inventory, Jan 1 100,000 Factory building rent 24,000 Finished Goods Inventory, Dec 31 95,000 Factory utilities 14,000 Raw Materials Purchases 190,000 Interest expense 11,000 Sales Commissions 35,000 Factory insurance 15,000