Accounting for Manufacturing Concern (8 Marks) The following data from the just completed year are taken from the accounting records of Kenton Company: Sales $ 975,000 Direct labor cost $ 165,000 Raw material purchases $ 229,000 Selling expense $ 48,750 Administrative expenses $ 146,250 Manufacturing overhead applied to work in process $ 180,000 Actual manufacturing overhead costs $ 175,050 Inventories: Beginning Ending Raw materials $ 18,000 $ 17,500 Work in process $ 20,000 $ 14,750 Finished goods $ 9,000 $ 11,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. Assume that the companys underapplied or overapplied overhead is closed to Cost of Goods Sold. 3. Prepare an income statement.