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 51,500 25,750 41, 350 31,050 0 5,300 115,000 9,450 $ 0 Required: 1. Prepare a schedule of cost of goods manufactured for the company for the month. (Do not leave any empty spaces; input a 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 51,500 Raw materials available for use 51,500 Deduct: Ending raw materials inventory 25,750 Raw materials used in production $ 25,750 8,270 Manufacturing overhead 31,050 Total manufacturing costs 65,070 Add: Beginning work in process inventory 0 65,070 Deduct: Ending work in process inventory 5,300 Cost of goods manufactured $ 59,770 Direct labour