P1-4C The following data were taken from the records of Falcon Manufacturing Company for the year ended December 31, 2014. Raw Materials Factory Insurance $ 7,400 Inventory 1/1/14 $ 48,500 Factory Machinery Raw Materials Depreciation 7,700 Inventory 12/31/14 44,800 Factory Utilities 12,900 Finished Goods Office Utilities Expense 8,600 Inventory 1/1/14 92,000 Sales Revenue 477,000 Finished Goods Sales Discounts 2,500 Inventory 12/31/14 77,800 Plant Manager's Salary 42,000 Work in Process Factory Property Taxes 6,900 Inventory 1/1/14 9,650 Factory Repairs 1,100 Work in Process Raw Materials Purchases 62,500 Inventory 12/31/14 7,500 Cash 33,500 Direct Labor 156,300 Indirect Labor 18,100 Accounts Receivable` 27,000 Instructions (a) Prepare cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) (b) Prepare a income statement through gross profit. (c) Prepare the current assets section of the balance sheet at December 31.