L01 5.21 Schedule of Cost of Goods Manufactured, Cost of Goods Sold, Income Statement Canton Ltd. manufactures hand- bags. Selected account balances for the year ended December 31, 2017, are presented below: Depreciation factory $ 28,500 Beginning direct materials inventory 13,200 Beginning finished goods inventory 65,800 Beginning work-in-process inventory 24,800 Direct labour 88,200 Direct material purchases 98,200 Ending direct materials inventory 16,200 Ending finished goods inventory 52,500 Ending work-in-process inventory 35,200 Factory insurance 8,400 Factory maintenance 25,300 Factory utilities 14,500 General and administrative expenses 62,800 Indirect labour 19,500 Indirect materials 7,800 Sales 482,000 Selling expenses 70,400 REQUIRED A. Prepare a schedule of cost of goods manufactured. B. Calculate the prime cost and conversion cost. C. Prepare a schedule of cost of goods sold. D. Prepare a single-step income statement for Canton Ltd. for the year