ACTIVITIES 1. Ziscosteel, a manufacturer of recyclable plastic bags, had the following inventory balances at the beginning of 2012 INVENTORY CLASSIFICATION 1-Jan- 18 31-Dec- 18 Raw Material 40,000.00 50,000.00 Work In Progress 180,000.00 139,000.00 Finished Goods 150,000.00 165,000.00 During the year, the company purchased $250 000 of raw material and spent $400 000 on direct labor. The manufacturing overhead costs were as follows: indirect material 50,000.00 Indirect labor 25,000.00 Depreciation on plant equipment 13,000.00 Utilities 25,230.00 Other 30,000.00 MBF 1213- Managerial Accounting Sales revenue for the year was $1 105 000.00. Selling and administrative expenses for the year amounted to 1100 00.00. The firm's tax rate is 40%. a) Prepare a schedule for Prepare a schedule of cost of goods manufactured b) Establish the cost of goods sold c) Construct an income statement