2-3A Schedule of COGM, Schedule of COGS and Income Statement Outdoor Supplies manufactures gear for hunting and camping. The company shows the following data related to its December 31, 2017 fiscal year end: Raw materials inventory, January 1, 2017 Raw materials inventory, December 31, 2017 Work in process inventory, January 1, 2017 Work in process inventory, December 31, 2017 $14,000 17,000 31,000 20,000 Finished goods inventory, January 1, 2017 Finished goods inventory, December 31, 2017 84,000 68,000 Direct labour 275,000 Factory supervisor's wages 64,000 Company president's salary 120,000 Purchases of raw materials 425,000 Depreciation (60% factory, 40% office) 240,000 Property taxes (80% factory, 20% office) 20,000 Sales commissions 100,000 Repairs and maintenance (100% relate to the factory) 15,000 Utilities expense (90% factory, 10% office) 30,000 Sales revenue 2,050,000 215,000 Advertising Required: Based on the information above: a.) Prepare a schedule of cost of goods manufactured. b.) Prepare a schedule of cost of goods sold. c.) Prepare an income statement (assuming a tax rate of 20%.)