QUESTION 1 XYZ Manufacturing Company had the following account balances for the year 2021, unless otherwise noted: Administrative salaries Advertisement expenses Depreciation of administration office equipment Depreciation of manufacturing equipment Direct manufacturing labor Direct materials purchased Distribution costs General office expenses Indirect manufacturing labor Indirect materials used Marketing salaries Miscellaneous plant overhead Plant utilities Revenues Work-in-process inventory (January 1) Finished goods inventory (January 1) Direct materials inventory (January 1) Work-in-process inventory (December 31) Finished goods inventory (December 31) Direct materials inventory (December 31) 175,000 87,500 38,000 120,000 320,000 375,000 120,000 25,300 65,600 15,000 90,000 35,500 66,000 1,875,000 $85,000 235,000 75,000 77,000 250,000 50,000 Required: a. Prepare a cost of goods manufactured schedule for the year. b. Prepare an income statement for the year. (Include a proper heading)