Question 1: (90 points) Kuwaiti Company had the following inventory balances at the beginning and end of the year 2020: January 1 December 31 Raw material $65,000 $48,000 Work in process (WIP) 145,000 170,000 Finished goods 281,000 260,000 Following are figures for the year: Raw material purchased 110,000 Direct labor costs 345,000 Manufacturing overhead incurred 450,000 Sales 1,560,000 Selling and administrative expenses 95,000 Income tax rate 25% Required: A. Construct a schedule to calculate cost of goods manufactured. B. Construct a statement to calculate cost of goods sold