following information has been taken from th for last year: ollowing information has been taken from the accounting records of Klear-Seal Corporation Selling expenses Raw materials inventory, January 1 Raw materials inventory, December 31... Direct labor cost Purchases of raw materials Sales Administrative expenses Manufacturing overhead . Work in process inventory, January 1. Work in process inventory, December 31 . .. Finished goods inventory, January 1 .. . . . $140,000 $90,000 $60,000 $150,000 $750,000 $2,500,000 $270,000 $640,000 $180,000 $100,000 . . . $260,000 ..$210,000 Management wants these data organized in a better format so that financial statements can be prepared for the year Required: 1. Prepare a schedule of cost of goods manufactured nls 2. Compute the cost of goods sold 3. Prepare an income statement