Below is financial information for Campus Fashion Inc. (The Company) for the year ended December 31, 2018 prepared by its inexperienced accountant. Campus Fashion Inc. Income Statement at December 31, 2018 Revenues $300,000 1,800 1,000 2,000 500 Dividend revenue Allowance for uncollectible accounts Royalty revene... Gain on sale of office equipment.. . 306,800 63,700 Operating expenses 6,000 5,400 600 2,000 $14300) Campus Fashion Inc. Schedule of Cost of Goods Manufactured at December 31, 2018 $100,000 43,000 Manufacturing overhead: Factory bonus payable (2,500) 400 7,000 100,100 $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 2018 are $7,000 Work-in-process.. Finished goods $6,000 $8,000 $25,000 . . .$28,000 C. The company's tax rate is 21% the company's preside financial statements. nt is disappointed with the results of operations and has hired your accounting firm to review the Required 1. As one step in gathering data for the president, prepare a revised schedule of cost of goods manufactured for the period ended December 31, 2018 2. As a second step, prepare a corrected multiple-step income statement for the year 2018 INSTRUCTIONS: A. This assi gnment 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 $ signs on your statements c) This Project is due Tuesday April 23, 2019. 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