3) Carl's Custom Car Company had the following year end financial information:
	Beginning balance in Raw Material Inventory			$ 120,000
	Ending balance in Raw Material Inventory			$ 80,000
	Beginning balance in Finished Goods Inventory			$ 50,000
	Ending balance in Finished Good Inventory			$ 75,000
	Sales			$ 2,700,000
	Purchases of raw material			$ 300,000
	G&A Expenses			$ 750,000
	Selling Expenses			$ 250,000
	Direct Labor Cost			$ 1,200,000
	Manufacturing overhead applied			$ 400,000
	Beginning balance in Work in Process Inventory			$ 25,000
	Ending balance in Work in Process Inventory			$ 65,000
	a) Prepare a schedule of cost of goods manufactured
	b) Prepare and Income Statement
	c) Extra Credit - Please prepare the applicable journal entries for the above activity