ABC Manufacturing Company had the following account balances for the year 2020, unless otherwise noted: Work-in-process inventory (January 1) Work-in-process inventory (December 31) Finished goods inventory (January 1) Finished goods inventory (December 31) Direct materials inventory (January 1) Direct materials inventory (December 31) Direct materials purchased Indirect materials used Direct manufacturing labor Indirect manufacturing labor Depreciation of manufacturing equipment Depreciation of administration office equipment Miscellaneous plant overhead Plant utilities General office expenses Marketing & distribution costs Revenues $140,400 171,000 540,000 510,000 125,000 145,000 575,000 84,000 480,000 186,000 264,000 123,600 135,000 92,400 205,400 125,000 1,775,000 Required: a. Prepare a cost of goods manufactured schedule for the year. (35 points) b. Prepare an income statement for the year (25 points)