Information for Russell Factory as of December 31 follows. Prepare (a) the companys Schedule of Cost of Goods Manufactured for the year ended December 31 and (b) prepare the companys Cost of Goods Sold section of the Income Statement.

Administrative salaries expense.........................	$ 135,000
Depreciation expense - Factory equipment........	62,400
Depreciation expense - Office equipment..........	24,800
Advertising expense..........................................	22,350
Direct labor........................................................	368,000
Factory supplies used.........................................	12,000
Income taxes expense.......................................	91,500
Indirect labor.....................................................	35,000
Indirect material.................................................	24,000
Factory utilities...................................................	14,000
Inventories
Raw materials inventory, January 1...................	32,000
Raw materials inventory, December 31.............	28,000
Goods in process inventory, January 1..............	33,780
Goods in process inventory, December 31........	37,460
Finished goods inventory, January 1.................	56,970
Finished goods inventory, December 31...........	62,000
Raw materials purchases....................................	325,000
Sales salaries expense........................................	97,500
Sales..................................................................	1,452,000