3 The following information is for Paisley Industries for the year ended December 31, 2018. 4 Raw materials inventory beginning balance 5 Raw materials inventory ending balance 6 Work-in-process inventory beginning balance 7 Work-in-process inventory ending balance 8 Finished goods inventory beginning balance 9 Finished goods inventory ending balance 10 Raw material purchases 11 Direct labor used in production 12 Manufacturing overhead 13 Selling costs 14 General and administrative 15 Sales revenue 16 17 Indirect Materials included in Raw Materials placed in production $25,000 $19,000 $1,645,000 $1,795,000 $1,225,000 $1,045,000 $295,000 $370,000 $1,885,000 $265,000 $715,000 $3,790,000 $31,000 18 19 20 21 1 Paisley Industries 2 3 Quantitative Analysis: 4 5 56 7 00 The information on the Data tab was collected for Paisley Industries. Complete the following schedules/statements on the Student Template tab: a. Prepare a schedule of raw materials placed in production for the year ended December 31, 2018. b. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2018. c. Prepare a schedule of cost of goods sold for the year ended December 31, 2018. 8 9 10 d. Prepare an income statement for the year ending December 31, 2018. 11 12 13 Qualitative Analysis: 14 15 Analyze the results of the quantitative analysis. Provide recommendations to management of Paisley Industries based on the results of their 2018 operations