Below is financial information for Campus Fashion Inc. (The Company) for the year ended December 31, 2019 by its inexperienced accountant. Campus Fashion Inc. Income Statement at December 31, 2019 Revenues: Sales revenue ..... $300,000 Dividend revenue 1,800 Sales commission payable.............. 1,000 Allowance for uncollectible accounts ..... 2,000 Royalty revenue.. 500 Gain on sale of office equipment .......... 1,500 Total revenues..... 306,800 Less: Cost of goods manufactured..... (243.100) Gross profit .......... 63,700 Operating expenses: Selling 30.000 General and administrative .. 34,000 Restructuring costs..... 6,000 Short-term investments.... 5.400 Dividend paid..... Interest expense.............. 2.000 Total operating expenses....... 78,000 Net loss...... S(14,300) 600 Campus Fashion Inc. Schedule of Cost of Goods Manufactured at December 31, 2019 Direct materials purchased. .............. $100,000 Direct manufacturing labor.. .. 43,000 Manufacturing overhead: Indirect materials........... $3,000 Factory bonus payable ......... (2,500) Indirect manufacturing labor costs...... 13,000 Factory equipment........... 48,000 Research and development expense.... 6,400 Factory rent ..... 18,000 Prepaid factory insurance 600 Factory janitorial services........... 2,000 Other indirect manufacturing costs.. 4,600 Factory utilities ........... 7,000 Total manufacturing overhead....... 100.100 Cost of goods manufactured.......... $243.100 The accountant did not take the following items into consideration when preparing the statements above. a. Factory equipment was purchased on July 1, 2018 and has a useful life of 5 years with $2,000 salvage (residual) value. The company uses the double-declining balance depreciation method. b. Inventory balances for 2019 are: January 1, 2019 Direct materials................. $7,000 Work-in-process .............. $10,000 Finished goods ............ $28,000 December 31, 2019 $6,000 $8,000 $25,000 c. The company's tax rate is 21% The company's president is disappointed with the results of operations and has hired your accounting firm to review the financial statements. Required: 1. As one step in gathering data for the president, prepare a corrected schedule of cost of goods manufactured for the period ended December 31, 2019. Also, Calculate the cost of producing one unit if the company produced 50,000 units in 2019 (round your answer to two decimal points). 2. As a second step, prepare a corrected multiple-step income statement for the year 2019. INSTRUCTIONS: A. This assignment must be completed in Excel. Handwritten work or late assignments will not be accepted. B. Grading of this project will be based on: 1. Accuracy of your schedule of cost of goods manufactured and income statement. 2. Use of formulas, neatness and formatting of your Excel schedule of cost of goods manufactured and income statement. NOTE: a) Do not use .00 after each number, or color your work. b) Do not use excessive S signs on your statements. c) This Project is due Wednesday April 22, 2020. Attach printed copies of your schedule of cost of goods manufactured and income statement to this project sheet and give it to me on or before the due date. Also, email me your Excel schedule of cost of goods manufactured and income statement on or before the due date