Outdoor Supplies manufactures gear for hunting and camping.The company shows the following data related to its December 31, 2020 fiscal year end:

Raw materials inventory, January 1, 2020

$14,000

Raw materials inventory, December 31, 2020

17,000

Work in process inventory, January 1, 2020

31,000

Work in process inventory, December 31, 2020

20,000

Finished goods inventory, January 1, 2020

84,000

Finished goods inventory, December 31, 2020

68,000

Direct labour

275,000

Factory supervisor's wages

64,000

Company president's salary

120,000

Purchases of raw materials

425,000

Depreciation (60% factory, 40% office)

240,000

Property taxes (80% factory, 20% office)

20,000

Sales commissions

100,000

Repairs and maintenance (100% relate to the factory)

15,000

Utilities expense (90% factory, 10% office)

30,000

Sales revenue

2,050,000

Advertising

215,000

Required:

Based on the information above:

a.)Prepare schedule of cost of goods manufactured.

b.)Prepare schedule of cost of goods sold.

c.)Prepare income statement (assuming a tax rate of 20%).