The following data from the just completed year are taken from the accounting records of Eccles Company: Sales Direct labour cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 741,000 104,000 146,000 114,000 57,000 224,000 248,000 Inventories: Raw materials Work in process Finished goods Beginning of Year $ 9,400 6,400 71,400 End of Year $11,400 21,400 26,400 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. ECCLES COMPANY Schedule of Cost of Goods Manufactured Direct materials: Raw materials used in production Total manufacturing cost Total manufacturing cost Cost of goods manufactured 2. Prepare a schedule of cost of goods sold. ECCLES COMPANY Schedule of Cost of Goods Sold Adjusted cost of goods sold 3. Prepare an income statement. ECCLES COMPANY Income Statement Selling and administrative expenses