Excel Assignment #2 Spring Northern Illinois Manufacturing provides products and the services needed to irrigate farms, parks, commercial products, and private homes. It has a centrally located factory that manufactures the products it markets to retail outlets across the nation. The month of November has just ended and Northern Illinois needs to generate a cost of goods manufactured and cost of goods sold for its income statement. The application of overhead is based on direct labor hours. At the beginning of the year, the company estimated direct labor hours of 40,000 and total estimated overhead of $2,000,000. During the month of November, the number of direct labor hours was 3.375. The following additional data for November is provided: Indirect Materials in Manufacturing Overhead $ 17.250 Advertising Expense 54,000 Depreciation - Factory Equipment 16,800 Depreciation - Office Equipment 2.500 Direct Labor $1,000 Factory Supplies Factory Utilities 12.200 Finished Goods Inventory - November 30 Finished Goods Inventory - October 31 71,700 Indirect Labor 58,000 Office Supplies Expense 2,400 Other Administrative Expenses Raw Materials Inventory - November 30 53.700 Raw Materials Inventory - October 31 28,000 Raw Materials Purchases 185,400 Rent - Factory Equipment 57,000 Repairs - Factory Equipment 5.200 Salaries 323,000 Sales 1.350,000 Sales Commissions 40.500 Work In Process Inventory - November 30 80.900 Work In Process Inventory - October 31 75.100 Property Tax on Factory 5.500 11.00 62.800 Instructions: From the above information, prepare a cost of goods manufactured schedule, cost of goods sold schedule, and an income statement to the net operating income