Question $1$: Moped Inc. has the following cost and expense data for the year ending March $31,2024.$

$\backslash$table$[[$Sales revenue,$$700,000,$Work in process inventory, March $1,34,000],[$Raw materials purchases,$180,000,$Work in process inventory, March $31,21,000],[$Direct labor cost,$60,000,$Finished goods inventory, March $1,20,000],[$Advertising expense,$27,000,$Finished goods inventory, March $31,32,000],[$Selling & Administrative salaries,$43,000,$Depreciation on factory equipment,$18,000],[$Rent on factory facilities,$12,000,$Indirect labor cost,$23,000],[$Depreciation on sales equipment,$15,000,$Utilities expense,$20,000],[$Raw materials inventory, March $1,40,000,$Insurance expense,$9,000],[$Raw Materials inventory, March $31,50,000,$Sales commissions,$7,000]]$

Only $50\%$ of the utilities expense and $70\%$ of the insurance expense apply to factory operations. The remaining amount should be charged to selling and administrative activities.

a$.$ Prepare a schedule of cost of goods manufactured for March $2024.[6$ Marks$]$

b$.$ Prepare an income statement for March $2024.[4$ Marks$]$