Question 3 (72 Points) Assume the following information: Direct labor cost is equal to 50% of direct material cost.iddle East, 2020 MOH is equal to 80% of direct material cost of your product. Work in process, beginning inventory = 0. Work in process, ending inventory = 0. Finished goods beginning inventory is 100 units Finished goods ending inventory is 110 units. The number of units produced is 1,000 units and number of units sold is 990 units. Selling price is 50% greater than the cost of your product. Selling and administrative expenses are equal to 10% of total sales. Income tax rate = 10%. Required: 1) Prepare the cost of goods manufactured schedule. (28 points) 2) Prepare the cost of goods sold schedule. (16 points) 3) Prepare the income statement. (28 points)