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 a 53,500 26,750 43,150 32,45 5,7ee 135,000 10, e5e 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 0 S 0 0 0 0 Deduct Ending work in process inventory Cost of goods manufactured S 0 2. What types of expenses are likely included in the total manufacturing overhead cost of $32,450 incurred for the first three months of operation? (You may select more than one answer. Single click the box with the question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the box for a wrong answer. Any boxes left with a question mark will be automatically graded as incorrect.) Selling expense 7 Administrative expense Ending work in process inventory Rent for the production facility Depreciation on the production equipment Insurance on the production equipment 2 Indirect materials used in producing records Indirect labour related to the CEO's supervision of the production process (20% of her time). Indirect labour related to production facility repair, maintenance and security