Problem: The following information has been taken from the accounting records of Sohar Manufacturing Company for the year December31, 2023: Particulars Amount Raw materials inventory, January 1 $500,000 Raw materials inventory, December 31 100,000 Selling expenses 50,000 Utilities, factory 50,000 Direct labor cost 150,000 Depreciation, factory 100,000 Purchase of raw materials 2,000,000 Sales 5,000,000 Insurance, factory 50,000 Supplies, factory 30,000 Administrative expenses 120,000 Indirect labor 50,000 Maintenance, factory 100,000 Work in progress inventory, January 1 150,000 Work in progress inventory, December 100,000 31 Finished goods inventory, January 1 250,000 Finished goods inventory, December 31 100,000 Management wants these date organized in a better format so that financial statements can be prepared for the year. Required: 1. Prepare a schedule of cost of goods manufactured. 2. Prepare the cost of goods sold 3. Prepare a pro forma income statement of Muscat Manufacturing Company for December 31, 2023.