8 2-38 - 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, lan 1 $1,85,000 Raw materials inventory, Dec 31 1,40,000 Work in process inventory, Jan 1 25,000 Work in process inventory, Dec 31 35,000 Finished goods inventory, Jan 1 3,75,000 Finished goods inventory, Dec 31 3,90,000 Direct labour 12,00,000 4,00,000 Sales commissions Factory supervisors' wages 2,40,000 Company president's salary 2,50,000 Purchases of raw materials 32,50,000 Company president's salary 2,50,000 Purchases of raw materials 32,50,000 Property taxes (85% factory, 15% office) 1,00,000 Depreciation (90% factory, 10% office) 17,00,000 Repairs and maintenance (95% factory, 5% office) 2,00,000 Utilities expense (90% factory, 10% office) 6,00,000 Sales revenue 1,03,00,000 Advertising 20,00,000 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 25%.)