Jay Manufacturing, Inc. received the following monthly reports for December 2014 from its newly hired accountant, who quit after only a week on the job. Note: The cost of goods sold of $44,500 is incorrect Raw materials (beginning): S 16,700 Raw materials purchased: $6500 Jay Manufacturing, Inc. Cost of Goods Sold Schedule Finished Goods Inventory (beginning) Work-in-Process Inventory (beginning) $15,000 3,000 18, 000 Total Current Manufacturing Costs: Salaries and Wages: Direct Manufacturing Labor Indirect Manufacturing Labor Sales salaries and wages Administrative $5,000 2,000 4,000 3.000 14,000 Other Manufacturing supplies Manufacturing depreciation Insurance on showroom Miscellaneous factory overhead Total Work- In- Process Ending Work-In-process and Finished Goods Inventory Cost of Goods sold 1,500 3,500 1,000 6.500 12,500 26.500 44,500 44,500 Jay Manufacturing, Inc. Income Statement $100,000 20,000 80,000 Sales Less direct materials used in production Gross profit Less other expenses: Cost of goods sold Office supplies Manufacturing Utilities Office Utilities Net Income $44,500 250 1,000 46,000 34,000 Required: Prepare the schedule of cost of goods manufactured and cost of goods sold in good form for the month ended on December 31, 2009. Also prepare and income statement for the month