Problem Exercise/Quiz (Cost of Goods Manufactured) First Class Manufacturing Company has the following costs and expenses date for the year ending December 31, 2020: Raw Materials, December 31, 2019 P 30,000 Raw Materials December 31, 2020 20.000 Raw Materials Purchases 205,000 Indirect Materials 15,000 Work-in Process, December 31, 2019 80.000 Work-in Process, December 31, 2020 50,000 Finished Goods, January 01, 2020 1 10,000 Finished Goods, December 31, 2020 120.000 Direct Labor 350,000 Factory Managers' Salary 35.000 Insurance, Factory 14,000 Property taxes, Factory Building 6,000 Sales (net) 1,500,000 Delivery Expense 100.000 Sales Commissions 150,000 Indirect Labor 90.000 Factory Machinery Rent 40.000 Factory Utilities 65,000 Depreciation, Factory Building 24,000 Administrative Expense 300,000 Management Accounting Required: 1. Prepare a Cost of Goods Manufactured Schedule for 2020. 2. Prepare an Income Statement for 2020. 3. Assume that First Class Manufacturing company's ledgers show the balances of the ff.: Current Assets: Cash P17,000; Receivables (net) P20,000, Prepaid Expenses P13,000 Short-term Investment is P26,000; Prepare the Current Assets section of the balance sheet for December 31, 2020