QUESTION #13 MANUFACTURING COMPANY STATEMENTS Use the following information to prepare a cost of goods manufactured statement for Inverness Industries and a corresponding classified income statement for the December 31", 2031. ended ACCOUNTS Factory Utilities BALANCE Direct Labour $13,500 255,000 Freight on Raw Materials 9,175 Income Tax Expense 94,560 Indirect Labour 23,625 Inventories: Raw Materials, Jan 1 74,625 Raw Materials, Dec 31 64,000 Goods in Process, Jan 1 51,650 Goods In Process, Dec 31 50,125 Finished Goods, Jan 1 70,800 inished Goods, Dee 31 56,700 Misc. Production Costs 3,375 Office Salaries Expense 28,350 Raw Materials Purchases 347,625 Rent Expense, Office Space 9,450 Rent Expense, Selling Expense 10,800 Rent on Factory Building 32,400 Repairs to Production Equipment 12,300 Sales 1,312,675 Sales Discounts 23,350 Sales Salaries Expense 118,125 Factory Supervision 48,600 Advertising Expense 8,100 Depreciation Expense, Machinery 14,175 Depreciation Expense, Office Equipment 3,375 Depreciation on Selling Equipment 4,050 Factory Supplies Used 7,425