1. The company provides the following information for January of 2017. Beginning Raw material balance on January 1, 2017: $30,000 Ending Raw material balance on January 31, 2017: $20,000 Raw material purchased during January of 2017: $200,000 Indirect materials issued to the production during January of 2017: $5,000 Beginning WIP (Work-in-Process) balance on January 1, 2017: $80,000 Ending WIP (Work-in-Process) balance on January 31, 2017: $50,000 Beginning Finished goods balance on January 1, 2017: $100,000 Ending finished goods balance on January 31, 2017: $110,000 Direct labor costs incurred during January of 2017: $350,000 Factory managers' salary costs incurred during January of 2017: $35,000 Factory insurance costs incurred during January of 2017: $14,000 Factory property tax costs incurred during January of 2017:$6,000 Sales revenues during January of 2017:$1,500,000 Freight-out expenses (i.e., the costs of delivery to customers) during January of 2017:$ 100,000 Sales commissions during January of 2017:$ 150,000 Factory utilities costs incurred during January of 2017:S 40,000 Factory depreciation costs incurred during January of 2017:$ 24,000 Headquarter building depreciation costs incurred during January of 2017:$ 20,000 CEO salary expenses incurred during January of 2017:$ 50,000 What is the total manufacturing overhead cost for January of 2017? (1 points) Answer: 124,000 (ii) What is the cost of goods manufactured for January of 2017? (1 points) Answer: 709,000 (iii) What is the cost of goods sold for January of 2017? (1 points) Answer: 699,000 (iv) What is the operating income for January of 2017? (1 points) Answer: 481,000