Cost and sales information for the most recent fiscal year are shown below: WALLACE RIVER COMPANY Cost and Sales Information For the Year Ended December 31 Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expense Sales $ 95,000 15,000 22,000 45,000 5,000 65,000 30,000 72,000 500,000 27,000 1,000 Selling expense 82,000 Advertising expense 22,000 Indirect labour, factory 65,000 Work in process inventory, beginning 7,000 Work in process inventory, ending 30,000 Finished goods inventory, beginning Finished goods inventory, ending 10,000 40,000 Utilities, factory Supplies, factory Required: 1. Prepare a schedule of cost of goods manufactured. WALLACE RIVER COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31