Mutiara Sdn. Bhd is a manufacturer of webcams. John, the company's accountant resigned in December 2021. An inexperienced assistant accountant, David has prepared the following income statement for the month of January 2022: Mutiara Sdn. Bhd Income Statement For the Month Ended January 2022 $ $ Sales revenue 4,780,000 Operating expenses: Direct materials purchases 1,570,000 Carriage inward 14000 Direct labour cost 1,140,000 Indirect labour 168,000 Advertising expense 540,000 Selling and administration salaries 450,000 Factory facilities rent 360,000 Depreciation - factory equipment 186,000 Depreciation - office equipment 270,000 Insurance expense 48,000 Utilities expenses 72,000 4,818,000 Net Loss (38,000) The company had never been reporting losses before. The Finance manager is concerned about the accuracy of the income statement. As a friend, you are asked to review the income statement and make necessary correction. Below is theinformation you have acquired: (i) Inventory balances: 1 January $23,000 31 January $47,000 Direct material Work in process $37000 $59000 Finished goods $45000 $65000 (ii) Only 75% of the utilities expense and 60% of the insurance expense apply to factory operation. The remaining amount should be charged to selling and administrative activities. REQUIRED: a) Prepare statement of cost of goods manufactured for the month ended 31 January 2022