Below is financial information for Uncle Sam's Fashion Inc. by its inexperienced accountant (The Company) for the year ended December 1,2018 prepared Uncle Sam's Fashion Inc. Income Statement at December 31, 2018 Revenues: $300,600 500 700 1,000 Dividend reve Deferred revenue Total revenues.. 303,100 Gross profit. Operating expenses: 65,100 Selling.... 5,000 25,000 5,000 Restructuring costs Available-for-sale investments Dividend paid... Total operating expenses Net loss.. $011900) Uncle Sam's Fashion Inc Schedule of Cost of Goods Manufactured at December 31, 2018 Direct materials purchased. $96,000 47,000 Manufacturing overhead: Research and development expense.. 3,500 4,000 600 Factory rent 12,000 4,800 .. 49,000 4,200 2,500 (6,000) Factory insurance Factory equipment... Factory utilities Prepaid advertising expense. Factory wages payable Total manufacturing overhead... Cost of goods manufactured $238,000 The accountant did not take the following items into consideration when preparing the statements above. a. Factory equipment was purchased October 1, 2018 and has a useful life of 10 years with $3,200 salvage (residual) value. b. Inventory balances for 2018 are: The company uses the double-declining balance method of depreciation Direct materials.$5,400 Work-in-process7.250 29,500 11,100 The company's tax rate is 21 %, anan pent is disappointed with the resalts of operations and has hired your accounting firm to review the quired: 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 ended December 31, 2018. . Calculate the cost of producing one unit if the company produced 125,000 units in 2018 (round your answer to two decimal points). 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 $ 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