Question 1 Cost of Goods Manufactured Suggested time 20 minutes 15 Marks COneVIDeo Manufacturing Company provided the following details about operations in February 2020 Purchases of raw materials $142,000 Maintenance, factory 38,200 Direct labour 33,300 Depreciation factory equipment 56,600 Indirect materials, factory 3,200 Selling and administrative salaries 43,700 Utilities, factory 26.800 Sales commissions 17.900 Insurance, factory equipment 4,200 Depreciation, sales equipment 20.800 Advertising expenses 109,500 Rent, factory building 53,480 The company also provided details regarding the balances in the inventory accounts at the beginning and end of the month as follows: Beginning End of Month of Month Raw materials $29,000 $22.480 Work in process 25,600 30.900 Finished goods 17,000 46,500 Required 1) Prepare a schedule of cost of goods manufactured for the month. 2) Using the information given and the cost of goods manufactured statement that you prepared. prepare the cost of Goods Sold section of the Income Statement