Income Statement and Supporting Schedules. The following financial information is for Industrial Company. (Note that the most current financial information is presented in the first column.) 31-Dec-17 31-Dec-16 Raw materials inventory 24,000 30,000 Work-in-process inventory 1,800,000 1,650,000 Finished goods inventory 1,050,000 1,230,000 "Of the total raw materials placed in production for the year, $36,000 was for indirect materials. Industrial had $3,795,000 in sales for the year ended December 31, 2017. The company also had the following costs for the year:" Selling 270,000 General and administrative 720,000 Raw materials purchases 300,000 Direct labor used in production 375,000 Manufacturing overhead 1,890,000 Required: 1. Prepare a schedule of raw materials placed in production for the year ended December 31, 2017. 2. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2017. 3. Prepare a schedule of cost of goods sold for the year ended December 31, 2017. 4. Prepare an income statement for the year ended December 31, 2017. 5. Describe the three types of costs included in cost of goods sold on the income statement. (Dollar amounts are not necessary in your descriptions.)