The following data refer to Laredo Luggage Company for the year 20X2: Sales revenue $475,000.00 Work-in-process inventory, December 31 15,000 Work-in-process inventory, January 1 20,000 Selling and administrative expenses 75,000 Income tax expense 45,000 Purchases of raw material 90,000 Raw material inventory, December 31 12,500 Raw material inventory, January 1 20,000 Direct labor 100,000 Utilities; plant 20,000 Depreciation; plant and equipment 30,000 Finished-goods inventory, December 31 25,000 Finished-goods inventory, January 1 10,000 Indirect material 5,000 Indirect labor 7,500 Other manufacturing overhead 40,000 Required: Prepare Laredo Luggage's schedule of Cost of Goods Manufactured for the year. Prepare Laredo Luggage's schedule of Cost of Goods Sold for the year. Prepare Laredo Luggage's income statement for the year