Direct labour $ 30,000 Sales 400,000 Selling expenses 50,000 Raw (direct) materials on hand: January 1 8,000 December 31 4,000 General and administrative expenses 18,000 Finished goods: January 1 25,000 Work-in-process: January 1 19,000 December 31 18,000 Direct materials purchases 47,000 Depreciation: factory 20,000 Indirect labour 3,000 Indirect materials used 7,000 Marketing promotions 1,500 Factory taxes 11,000 Utilities 20,000 Courier costs (office) 900 Miscellaneous plant overhead 4,000 Plant repairs and maintenance 9,000 Customer service costs 3,000 Fire insurance: factory equipment 3,000 Materials handling costs 8,000 Additional Information: a. The gross profit margin is 73.25 percent. b. Depreciation is charged to production at 70 percent. c. Utilities are charged to production at 90 percent. Required: 1. Prepare a schedule of cost of goods manufactured for the year ended December 31. 2. Prepare a schedule of cost of goods sold. 3. Prepare an income statement for the year ended December 31.