Required: 1. Prepare Twisto Pretzel Company's schedule of cost of goods manufactured for 20x1. Direct material: _ Rawmaterial inventory, 1281er _ Raw material used Direct labor - Manufacturing overhead: _ Total actual manufacturing overhead ' Total actual manufacturing overhead Overhead applied to work in process Total manufacturing costs Cost of goods manufactured 2. Prepare the company's schedule of cost of goods sold for 20x1. The company closes overapplied or underapplied overhead into Cost of Goods Sold. Finishedgoods inventory, 12f31fx0 Cost of goods available for sale Adjusted cost of goods sold 3. Prepare the company's income statement for 20x1. Selling and administrative expenses: -- Required information [The foiiowing information appiies to the questions dispiayed beiowj The following data refer to Twisto Pretzel Company for the year 20x1. Workinprocess inventory, 12i31fx3 $ 8,333 Selling and administrative Salaries 13,833 Insurance on factory and equipment 3,633 Workinprocess inventory, 12i31fx1 8,233 Finishedgoods inventory, 12f31ix3 14,333 Cash balance, 12i311x1 2,333 Indirect material used 4,633 Depreciation on factory equipment 2,133 Rawmaterial inventory, 12f31ix3 13,233 Property taxes on factory 2,433 Finishedgoods inventory, 12f31ix1 15,333 Purchases of raw material in 23x1 39,333 Utilities for factory 6,333 Utilities for sales and administrative offices 2,433 Other selling and administrative expenses 3,833 Indirectlabor cost incurred 29,333 Depreciation on factory building 3,433 Depreciation on cars used by sales personnel 1,233 Directlabor cost incurred 29,333 Rawmaterial inventory, 12f31ix1 11,333 Accounts receivable, 12f31fx1 4,233 Rental for warehouse space to store raw material 3,333 Rental of space for company president's office 1,633 Applied manufacturing overhead 58,333 Sales revenue 235,833 Income tax expense 5,133