Manufacturing #2 Tabor Company had the following account balances on January 1, 2020 Raw Materials Inventory $ 42.000 Work in Process Inventory $ 87.000 Finished Goods Inventory $ 93,000 During 2020, the following transactions took place: 1. Raw materials costing $75,000 were purchased on account. 2. Raw materials costing $96,000 were issued to the factory, of which $70,000 is considered to be direct material cost. 3. Total factor labor costs for the period were $150,000 of which $120,000 is considered to be direct labor cost. 4. The following other factory overhead costs were incurred: Factory utilities (paid in cash) $32,000; factory depreciation $64,000; and miscellaneous factory costs incurred on account) $53,000. 5. Units costing a total of $250,000 were completed. 6. Units costing $240,000 were sold on account for $500,000. INSTRUCTIONS: A. Complete a cost flow diagram (T-accounts attached) for 2020. B. Prepare the journal entries to record ALL of the 2020 transactions li C. Prepare a manufacturing statement and a partial income statement. Raw Material Inventory Factory Payroll Work in Process Inventory Finished Goods Inventory Cost of Goods Sold Expense Factory Overhead GENERAL JOURNAL GENERAL JOURNAL Partial Income Statement Net Sales Manufacturing Schedule Beginning Raw Materials plus: Raw Material Purchases Raw Materials Available for Use less Ending Raw Materials Raw Materials Used less: Indirect Materials Direct Materials Direct labor Factory Overhead Total Current Manufacturing Costs plus Beginning Work in Process Inventory Total Cost of Work in Process les Ending Work in Process laventory Cost of Goods Manufactured Beginning Finished Goods Inventory plus: Cost of Goods Manufactured Cost of Goods Available for Sale Less Ending Finished Goods Inventory Cost of Goods Sold Gross Profit