Classic Sound is a start-up company that produces vinyl records for numerous record labels worldwide. The company has two full-time employees working in the production department while the CEO splits her time 80/20% between developing new business and overseeing the production process. Information taken from the accounting records for the first three months of operations is shown below. Beginning raw materials inventory Purchases of raw materials Ending raw materials inventory Direct labour Manufacturing overhead Beginning work in process inventory Ending work in process inventory Purchase of production equipment Rent for production facility 0 59, 500 29, 750 48, 550 36, 650 0 6,900 195,000 11,850 Required: 1. Prepare a schedule of cost of goods manufactured for the company for the month. (Do not leave any empty spaces; input a 0 wherever it is required.) CLASSIC SOUND Schedule of Cost of Goods Manufactured For the Quarter Ended xxx Direct materials: Beginning raw materials inventory Add: Purchases of raw materials Raw materials available for use Deduct: Ending raw materials inventory Raw materials used in production Direct labour Manufacturing overhead Total manufacturing costs Add: Beginning work in process inventory Deduct: Ending work in process inventory Cost of goods manufactured 0000 >> $ 0 59,500 59,500 (29,750) 48550 48500 $ 29,750 48,550 48,500 126,800 0 126,800 (6,900) $ 119,900 *Red text indicates no response was expected in a cell or a formula-based calculation is incorrect; no points deducted.