Question One (80 points) Kuwaiti Company had the following inventory balances at the beginning and end of the year: Raw material Work in process (WIP) Finished goods January 1 $35,000 120,000 165,000 December 31 $20,000 130,000 154,000 Additional information related to the costs during the same year is given below: 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 $100,000 220,000 10,000 120,000 10,000 20,000 1,000,000 100,000 20% Required: 1. Prepare the Cost of Goods Manufactured Schedule. (60 points) 2. Prepare the Cost of Goods Sold Schedule. (20 points) L (Ctrl)