Fall 2020 Question One (80 points) Kuwaiti Company had the following inventory balances at the beginning and end of the year: Raw material Work in process (WIP) Finished goods January 1 $35,000 150,000 200,000 December 31 $10,000 60,000 220,000 Following figures are given for the year: Raw material purchased Direct labor costs Utilities for the factory Rent for the factory Indirect material Indirect Labor Sales Selling and administrative expenses Income tax rate Required: A. Prepare the cost of goods manufactured Schedule. B. Prepare the cost of goods sold Schedule. $70,000 375,000 15,000 230,000 10,000 15,000 1,560,000 95,000 25%