Heir Manufacturers is a manufacturer. Heir selected account balances for the company as of January 1, 2022, were as follows: View the selected beginning account balances. During the month of January, Heir Manufacturers had the following transactions: View the transactions. On January 31, 2022, the respective inventory balances were as follows: View the ending inventory account balances. Read the requirements. Manufacturing Overhead account has been entered for you. View the abbreviations. Raw Materials Inventory Finished Goods Inventory Beg. Bal. End. Bal. Work in Process Inventory Manufacturing Overhead 0 Selected Beginning Balances Cash Accounts receivable Raw materials inventory (all direct materials) Work in process inventory Finished goods inventory Prepaid rent Building and equipment Accumulated depreciation Accounts payable $ 16,000 $ $ $ 11,000 4,500 5,500 11,500 3,900 $ $ $ 60,000 $ 12,000 $ 13,000 Transactions Salaries: $6,800. Of this amount, $2,100 is selling and administrative; the rest is for production as follows: $2,700 for direct labor, $2,000 for indirect labor. Prepaid rent expired (was used up): $1,820 relates to factory rent, $780 is administrative. Depreciation: $1,000; $900 relates to the machinery in the factory. Purchases of raw materials on credit: $13,000; includes $11,000 for direct materials and $2,000 for indirect materials. Sales of finished goods for the month, all on credit: $39,800. Payment of accounts payable: $11,000. Collection of accounts receivable: $43,800. Issued to production: $12,100; includes $10,500 for direct materials and $1,600 for indirect materials. Transferred to finished goods: the completed units. Recorded the sales and the cost of goods sold. Print Done - X Ending Inventory Raw materials (includes $400 for indirect materials) Work in process inventory Finished goods inventory Print Done 5,400 4,500 $5,000 $ $ X Requirements a. Use the T-accounts to trace the cost flow. b. Prepare an income statement for the month of January 2022, as well as a cost of goods manufactured schedule. X