George Manufacturing Company provided the following details about operations in February: Purchases of raw materials $166,000 Maintenance, factory 40,600 Direct labour 34,900 Depreciation, factory equipment 59,800 Indirect materials, factory 3,600 Selling and administrative salaries 46,100 Utilities, factory 28,400 Sales commissions 18,700 Insurance, factory equipment 4,600 Depreciation, office equipment 22,400 Advertising expenses 113,500 Rent, factory building ? The company also provided details regarding the balances in the inventory accounts at the beginning and end of the month as follows: Beginning of Month Raw materials $ 37,000 Work in process 28,800 Finished goods 21,000 Raw materials used in production cost $177,480, total overhead costs for the month were $207,440, the goods available for sale totalled $408,000, and the cost of goods sold totalled $353,500. Sales Revenue was $589,200. Required: 1. Prepare a schedule of cost of goods manufactured and cost of goods sold for the month. 2. Prepare a traditional income statement for the month (with proper heading and format)