Question 1: Use the information to prepare a schedule of Cost of goods Manufactured, and income statement. Item Raw Materials inventory. January Raw Materials inventory, December 31 Work in process inventory, January 1 Work in process inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 Raw Materials purchases Sales Direct labor Indirect labor Maintenance and repairs-factory expense Factory utilities expense Selling expenses Depreciation expense-factory building Depreciation expense-factory equipment Administrative expenses Other expense-factory Amount 40,000 30,000 30,000 60,000 50.000 60,000 480,000 1.800.000 380,000 120,000 60,000 10,000 300,000 20,000 30,000 200.000 20,000