ICP 1 - Randeep Inc The following selected account balances for the year ended December 31, 20X9 were taken from the records of Randeep Inc: Sales revenue $1,500,000 Direct materials purchased 120.600 Direct materials freight-in 13.500 Direct labour 130,890 Factory supervision 20.500 General and administrative salaries 200,000 Sales salaries 105,000 Indirect materials - factory 45,600 Utilities (90% factory related) 130,000 Depreciation (85% factory related) 167,000 Property taxes (70% factory related) 56,000 Other general and administrative expenses 63,260 Other selling expenses 75 250 The inventory balances at the beginning and end of the year were as follows: Beginning Endi Direct materials $15,000 $20.000 Work-in-process $42.000 $37.500 Finished goods $81.250 $76,780 Required: a) Prepare a schedule of cost of goods manufactured for the year ended December 3, 20x9 b) Prepare an income statement for the year ended December 31, 20X9