Acme Companys income statement was made by an inexperienced bookkeeper and contains many errors. Acme Company Income Statement At July 31, 2021 Sales $ 600,000 Less: Operating Expenses Labour expense $ 100,000 Utilities expense 30,000 Depreciation expense 20,000 Raw materials purchased 300,000 Insurance expense 10,000 Factory Rent expense 25,000 Advertising expense 18,000 Selling and admin expense 200,000 703,000 Net Loss $ 103,000 Additional information about the company is as follows: 10% of the labour expense is indirect and the remainder is direct. 70% of the utilities are related to manufacturing. 50% of depreciation is for manufacturing equipment All the insurance is for the manufacturing plant FINAL EXAMINATION (PART 2) FINC 0200 Introductory Accounting for Business Examination: FINC 0200 (Part 2) 2 | P a g e Inventory balances are as follows: July 1 July 31 Raw materials 20,000 60,000 Work in process 10,000 30,000 Required: Prepare a schedule of Cost of Goods Manufactured in good form for the month of July.