3. ABC Supplies manufactures gear for hunting and camping. The company shows the following data related to its December 31, 2017 fiscal year end: $14,000 17,000 31,000 20,000 84,000 68,000 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 Finished goods inventory, January 1, 2017 Finished goods inventory, December 31, 2017 Direct labor Factory supervisor's wages Company president's salary Purchases of raw materials Depreciation (60% factory, 40% office) Property taxes (80% factory, 20% office) Sales commissions Repairs and maintenance (100% relate to the factory) Utilities expense (90% factory, 10% office) Sales revenue Advertising 275,000 64,000 120,000 425,000 240,000 20,000 100,000 15,000 30,000 2,050,000 215,000 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%.)