Inventories Direct materials Work in process Finished goods January 01 December 31 $ 47,000 $ 58,500 67,000 59,000 70,000 62,000 Advertising expense Depreciation expense-office equipment Depreciation expense factory equipment Direct labor Heat, light, and power factory Indirect labor Direct materials purchased during the year office salaries expense Property taxes-factory Property taxes-headquarters building Rent expense-factory Sales Sales salaries expense Supplies cost-factory Miscellaneous cost-factory $ 42,500 13,800 9,000 115,000 3,600 14,400 76,000 46,800 2,500 8,400 4,000 529,000 82,500 3,000 2,000 (2) Prepare the 2020 schedule of cost of goods manufactured using the following format. Prepare the 2020 income statement using the following format. ROTC - New Codex 550. Alabama State University X =1#inbox/FFNDWNXs8sLOSESCERVOMXQrI?projector=1&messagePartid=0:1 Open with Google Docs (4) Prepare journal entries at each of the following steps of cost flow ting the accounts provided below. (8 points) Page 5 of 6 . Cost of Good Sold Raw Material - TM Direct Materiale Finished Goods Mandarin Orched Wager l'ayable DL ud Labor) WH Jounal entries to record bramadactices and the period top