Below is Sloane Company's income statement for 2021 that was prepared by an inexperienced accountant. Sloane Company Income Statement As of December 31, 2021 Revenues: Sales revenue $290,550 Accrued rent. 4,000 Gain on sale of investment. Deferred revenue... Interest payable.. Accumulated depreciation. Total revenue Less operating expenses: Indirect manufacturing labor costs... Utilities expense Direct manufacturing labor costs. Factory equipment... Direct materials purchased. Insurance expense.. Restructuring costs. Rent expense, 2,700 2,000 1,500 32,000 332,750 7,200 9,200 42,000 50,000 95,000 2,500 4,550 27,000 Selling expenses... 38,000 Other factory indirect costs.. 4,000 Dividend paid.. 1,500 Administrative expenses... 34,400 Research and development expense... 5,000 Interest expense... 1,200 Prepaid insurance 4,000 Short-term investment. 8,000 Total operating expenses 333.550 Net operating loss ($.800) a. Seventy five percent (75%) of utilities expense and 70% of insurance expense are for factory operations. Add the remaining utilities and insurance expenses equally to selling expenses and administrative expenses. b. Eighty percent (80%) of the rent expense is associated with factory operations. Add the remaining rent expense equally to selling expenses and administrative expenses. c. Factory equipment was purchased January 1, 2019. It was estimated that the useful life of this equipment is 5 years and the residual value $5,000. The $32,000 accumulated depreciation above is at 1/1/2021. No depreciation was charged for 2021. The company uses the double-declining balance method of depreciation. d. Inventory balances are: Direct materials. Work-in-process. . Finished goods... January 1, 2021 December 31, 2021 $4,600 $7,000 $9,000 4000. $12,000 $30,000.. The president is disappointed with the results of operations and has asked you to review the income statement and make a recommendation as to whether the company should look for a buyer for its assets. Required: 1. As one step in gathering data for the president, prepare a revised statement of cost of goods manufactured for the year ended December 31, 2021. 2. As a second step, prepare a corrected multiple-step income statement for the year ended December 31, 2021.