Schedule of Costs of Goods Manufactured Exercise Black Coil Corportion lists the following costs and expenses for the current year as of December 31. Sales Raw Materials Purchased Beginning Raw Materials Ending Raw Materials Depreciation Insurance Direct Labor Maintenance Administrative Expenses Selling Expenses Utilities Indirect Labor Beginning WIP Inventory Ending WIP Inventory Beginning Fininshed Goods Inventory Ending Fininshed Goods Inventory $1,125,000 $105,000 $20,000 $17,500 $26,000 (65% to Factory) $8,000 (80% to Factory) $88,000 $14,500 (100% to Factory) $80,000 $275,000 $420,000 (75% to Factory) $90,000 $8,500 $34,500 $18,000 $45,000 Required: Prepare a Schedule of Cost of Goods Manufactured and an Income Statement for Black Coil Corporation as of December 31, 2013