Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income statement for the quarter ending December 31, 2019. Sales Purchases of materials [1) Payroll {2) Advertising Administrative travel Manufacturing utilities Facility rental {3) Depreciation (4} Sales commissions Annual insurance (manufacturing) Office utilities Management salaries (5} Net income $1,433,699 $ 252,249 269,999 39,299 29,999 51,999 96,999 65,999 53,999 52,999 23,699 499,999 113,169 Notes: W?WMmemmambwaemmd (2} 80% direct labour; 20% indirect labour (3) 90% related to manufacturing (4] 80% related to manufacturing (5} 40% related to manufacturing Furthermore, Rosenthal compiled the following information with respect to inventories for the quarter {note that the company does not maintain inventories of Indirect materials}. Beg1nn1ng ending Direct materials $ ?,4?9 $ 3,326 work in process 8,6?9 18,886 Finished goods 11,889 ?,?86 l Required: 1. This part ofthe question is not part of your Connect assignment. 1 Prepare a cost of goods manufactured statement for the quarter. \f3. Prepare a revised income statement for the quarter. Cost of goods sold: Goods available for sale Cost of goods sold Deducl: Selling and administrative expenses _