Question 1 (15 Marks) Acme Company's income statement was made by an inexperienced bookkeeper and contains many errors. Acme Company Income Statement At July 31, 2021 Sales 600,000 Less: Operating Expenses Labour expense Utilities expense Depreciation expense Raw materials purchased Insurance expense Factory Rent expense Advertising expense Selling and admin expense 100,000 30,000 20,000 300,000 10,000 25,000 18,000 200,000 703,000 103,000 Net Loss Additional information about the company is as follows: 10% of the labour expense is indirect and the remainder is direct 70% of the utilities are related to manufacturing 50% of depreciation is for manufacturing equipment All the insurance is for the manufacturing plant 1 | Page Examination: FINC 0200 (Part 2) Inventory balances are as follows: July 1 Raw materials 20,000 Work in process 10,000 July 31 60,000 30,000 Required: Prepare a schedule of Cost of Goods Manufactured in good form for the month of July