Question One (80 points) Green Company had the following inventory balances at the beginning and end of the year: January 1 December 31 Raw material $35,000 $27,000 Work in process (WIP) 170,000 140,000 Finished goods 265,000 242,000 Following figures are given for the year: Raw material purchased Direct labor costs Utilities for the factory Rent for the factory Indirect material Indirect Labor Sales Selling and administrative expenses Income tax rate Required: A. Prepare the cost of goods manufactured Schedule. $135,000 320,000 17,000 142,000 23,000 30,000 1,700,000 98,000 25% B. Prepare the cost of goods sold Schedule. Question Two (20 points) Briefly distinguish between managerial accounting and financial accounting. Be sure to comment on the general focus, users, and regulation related to the two fields