Costs Incurred: Raw materials purchased Direct labor Indirect labor Equipment maintenance Insurance on factory Rent on factory Equipment depreciation Advertising expenses Selling & administrative expenses $188,000 96,000 33,000 14,000 19,000 28,000 12,000 21,000 43,000 Inventories: Raw materials Work in process Finished goods Beginning $ 26,000 51,000 67,000 Ending $20,000 59,000 61,000 Instructions for Project 2: 1. Using Excel, prepare a cost of Goods Manufactured schedule. Refer to Illustration 14.11 in your textbook. 2. Using Excel, prepare a cost of Goods Sold schedule. Refer to Illustration 14.9 in your textbook