2. Part Two: For each problem show the calculations in good form. Part credit is allowed. Problem One: The following data are taken from the accounting records of Sirap Manufacturing Co. This is for the month ended January 31, 20XX. Sales $75,000 Materials inventory Jan. 1 22,000 Work in process inventory Jan. 1 20,000 Finished goods inventory Jan. 1 30,000 Materials purchased 21,000 Direct labor costs 18,000 12,000 Factory overhead (Includes $1,000 of indirect materials) Selling and administrative expenses 10,000 Inventories at January 31: 25,000 Materials Work in process 24,000 Finished goods 32,000 Required: A) Prepare a Statement of Cost of Goods Manufactured B) Prepare the Cost of Goods Sold section of the income statement. ( 18 Pts.)