2-3B Schedule of COGM, Schedule of COGS and Income Statement Vandalay industries manufactures rubber gloves for the US market. The following data relate to its Dec 31, 2019 fiscal year end: $

Raw materials inventory, Jan 1 $185,000

Raw materials inventory, Dec 31 140,000

Work in process inventory, Jan 1 25,000

Work in process inventory, Dec 31 35,000

Finished goods inventory, Jan 1 375,000

Finished goods inventory, Dec 31 390,000

Direct labour 1,200,000

Sales commissions 400,000

Factory supervisors wages 240,000

Company president's salary 250,000

Purchases of raw materials 3,250,000

Property taxes (85% factory, 15% office) 100,000

Depreciation (90% factory, 10% office) 1,700,000

Repairs and maintenance (95% factory, 5% office) 200,000

Utilities expense (90% factory, 10% office) 600,000

Sales revenue 10,300,000

Advertising 2,000,000

Overtime of workers 22000

Social media ad's 25000

Insurance (75 Fac/25 off) 50000

A manufacturer convention in Vegas was cancelled and a large order shipped was not recovered $10,000

A legal suit was launched by a group of Hospitals due to product defects with a potential claim of $250000 and legal fees of $15000

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 25%.)