Open-ended Problem. Perfection Craft Company. You must upload and submit a file for this question before time is up. The following selected information was extracted from the 2022 accounting records of Perfection Craft Company:

Raw material purchases	$	176,000
Direct labor		256,000
Indirect labor		108,000
Selling and administrative salaries		133,000
Building depreciation*		80,000
Other selling and administrative expenses		195,000
Other factory costs		342,000
Sales revenue ($130 per unit)		1,495,000

*Seventy-five percent of the company's building was devoted to production activities; the remaining 25 percent was used for selling and administrative functions. Inventory data:

	January 1			December 31
Raw material	$	15,900		$	18,200
Work in process		35,800			62,100
Finished goods*		?			97,900

Required: Part a. Prepare the companys (detailed) Schedule of Cost of Goods manufactured. Part b. The companys cost of goods sold for the period is $928,000. Prepare the companys (detailed) Cost of Goods Sold section of the Income Statement including showing finished goods inventory on January 1.