Question 1 (56 points) Mighty Muffler Inc. had the following inventory balances at the beginning and end of 2019. Inventory Classification Work in Process Finished Goods Raw Material January 1, 2019 $90,000 $110,000 $100,000 December 31, 2019 $100,000 $ 130,000 $60,000 During 2019, the company spent $100,000 on direct labor and purchased $50,000 raw material. Manufacturing overhead costs were as follows: Indirect Material an C| 520,000 e of the Middle East, 2020 Indirect Labor $10,000 Insurance $8,000 Depreciation on machines $10,000 Production supervisor's $20,000 salary a) Prepare a schedule of cost of goods manufactured. (40 points) b) Prepare a schedule of cost of goods sold. (16 points)