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 $66,000 $50,000 Work in process (WIP) 130,000 175,000 Finished goods 270,000 250,000 Following are figures for the year: $ Raw material purchased Direct labor costs Manufacturing overhead incurred Sales Selling and administrative expenses Income tax rate 120,000 340,000 449,000 1,560,000 95,000 25% Required: A. Construct a schedule to calculate cost of goods manufactured. B. Construct a statement to calculate cost of goods sold