The following data from the just completed year are taken from the accounting records of Eccles Company: Sales $643,000 Direct labour cost 90,000 Raw material purchases 132,000 Selling expenses 100,000 Administrative expenses 43,000 Manufacturing overhead applied to work in process 210,000 Actual manufacturing overhead costs 220,000 Inventory Beginning of Year End of Year Raw materials $ 8,000 $10,000 Work in process 5,000 20,000 Finished goods 70,000 25,000 Required: 1. Prepare a schedule of cost of goods manufactured. Assume all raw materials used in production were direct materials. 2. Prepare a schedule of cost of goods sold. 3. Prepare an income statement