I. Prepare a cost of Goods Manufactured, Cost of Goods Sold and Manufacturers Income Statement, based on the following information: Beginning Raw Materials Inventory $200,000 Beginning Work in Process Inventory $300,000 Beginning Finished Goods Inventory $400,000 Ending Raw Materials Inventory $300,00 Ending Work in process inventory $425,000 Ending Finished Goods Inventory $550,000 Raw Material Purchases $600,000 Sales Revenue $3,000,000 Factory Rent $40,000 Factory Depreciation $30,000 Factory Utilities $20,000 Direct Labor $600,000 Selling, General and Administrative Expenses $1,000,000