69 Exercise 2-4 Prepare a Schedule of Cost of Goods Manufactured [LO4] Classic Sound is a start-up company that produces vinyl records for numerous record labels worldwide. The company has two full-time employees working in the production department while the CEO splits her time 80/20% between developing new business and overseeing the production process. Information taken from the accounting records for the first three months of operations is shown below. Beginning raw materials inventory Purchases of raw materials 0 51,000 Ending raw materials inventory. 25,500 Direct labour 40,900 Manufacturing overhead 30,700 Beginning work in process inventory Ending work in process inventory 5,200 Purchase of production equipment Rent for production facility 110,000 9,300 Required: Required: 1. Prepare a schedule of cost of goods manufactured for the company for the month. (Do not le wherever it is required.) Direct materials: CLASSIC SOUND Schedule of Cost of Goods Manufactured For the Quarter Ended xxx Raw materials used in production Total manufacturing costs 0 $ 0 0 Cost of goods manufactured $ 0