Purchases of raw materials on credit:

$12,000

; includes

$11,000

for direct materials and

$1,000

for indirect materials.\ Sales of finished goods for the month, all on credit:

$35,000

.\ Payment of accounts payable:

$11,000

.\ Collection of accounts receivable:

$40,000

.\ Issued to production:

$10,700

; includes

$10,000

for direct materials and

$700

for indirect materials.\ Transferred to finished goods: the completed units.\ Recorded the sales and the cost of goods sold.\ On January 31,2022 , the respective inventory balances were as follows:\ \\\\table[[Raw materials inventory (includes

$300

of indirect materials),

$6,300

- Purchases of raw materials on credit: $12,000; includes $11,000 for direct materials and $1,000 for indirect materials. - Sales of finished goods for the month, all on credit: $35,000. Payment of accounts payable: $11,000. Collection of accounts receivable: $40,000. Issued to production: $10,700; includes $10,000 for direct materials and $700 for indirect materials. Transferred to finished goods: the completed units. - Recorded the sales and the cost of goods sold. On January 31, 2022, the respective inventory balances were as follows: a. Use the T-accounts to trace the cost flow. b. Prepare an income statement for the month of January 2022, as well as a cost of goods manufactured schedule