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 $1,378,600 246,740 266,900 37,200 27,800 49,800 92,000 63,900 43,000 42,000 22,600 390,000 $ 96,660 Notes: (1) 80% of the materials were direct (2) 70% direct labour; 30% indirect labour (3) 90% related to manufacturing (4) 75% 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). Direct materials Work in process Finished goods Beginning $ 6,970 8,170 11,380 Ending $8,020 9,280 7,480 Required: 1. This part of the question is not part of your Connect assignment. 2. Prepare a cost of goods manufactured statement for the quarter