Question 2 Income Statement; Schedule of Cost of Goods Manufactured The following information was taken from the accounting records of Mitchell Company for last year: Selling expenses $ Raw materials inventory, beginning Raw materials inventory, ending Utilities, factory Direct labour cost Depreciation, factory Purchases of raw materials Sales Insurance, factory Supplies, factory Administrative expenses Indirect labour Maintenance, factory Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending 140,000 90,000 60,000 36,000 150,000 162,000 750,000 2,500,000 40,000 15,000 270,000 300,000 87,000 180,000 100,000 260,000 210,000 Management wants to organize these data into a bette format so that financial statements can be prepared for the year. Required: 1. Prepare a schedule of cost of goods manufactured. MITCHELL COMPANY