Q.2. FINANCIAL STATEMENTS- MANUFACTURING CONCERNS: The following data refer to Mister Munchie Inc. for the year 20x4. Work-in-process inventory, 12/31/x3 . $24,300 Utilities for sales and administrative offices. (10 MARKS) 7,500 Selling and administrative salaries .. 41,400 Other selling and administrative expenses.. 12,000 Insurance on factory and equipment. 10,800 Indirect-labor cost incurred. 87,000 Work-in-process inventory, 12/31/x4 24,900 Depreciation on factory building. 11,400 Finished-goods inventory, 12/31/x3 42,000 Depreciation on cars used by sales personnel 3,600 Indirect material used..... 14,700 Direct-labor cost incurred 237,000 Depreciation on factory equipment .. 6,300 Raw-material inventory, 12/31/x4 . 33,000 Raw-material inventory, 12/31/x3 30,300 Property taxes on factory 7,200 Finished-goods inventory, 12/31/x4. 46,200 Rental for warehouse space to store raw material 9,300 Rental of space for company president's office....5,100 Applied manufacturing overhead. 174,000 Purchases of raw material in 20x4 117,000 Sales revenue 617,400 Utilities for factory 18,000 Income tax expense 15,300 Cash, 12/31/x4 7.500 Accounts receivable, 12/31/x4 5.100 Required: 1. Prepare Mister Munchie's schedule of cost of goods manufactured for 20x4. 2. Prepare the company's schedule of cost of goods sold for 20x4. The company closes over-applied or under-applied overhead into Cost of Goods Sold.