The following data refer to San Fernando Fashions Company for the year 20x2: Problem 2-43 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1, 2-3, 2-5, 2-6) 2. Cost of goods sold: $580,000 Sales revenue Work-in-process inventory, December 31 Work-in-process inventory, January 1 Selling and administrative expenses Income tax expense Purchases of raw material Raw-material inventory, December 31 $950,000 30,000 40,000 150,000 90,000 180,000 25,000 (continued) Raw-material inventory, January 1 Direct labor Utilities: plant Depreciation: plant and equipment Finished-goods inventory, December 31 Finished-goods inventory, January 1 Indirect material Indirect labor Other manufacturing overhead 40,000 200,000 40,000 60,000 50,000 20,000 10,000 15,000 80,000 Required: 1. Prepare San Fernando Fashions' schedule of cost of goods manufactured for the year. 2. Prepare San Fernando Fashions' schedule of cost of goods sold for the year. 3. Prepare San Fernando Fashions' income statement for the year. 4. Build a spreadsheet: Construct an Excel spreadsheet to solve all of the preceding requirements. Show how both cost schedules and the income statement will change if raw-material purchases amounted to $190,000 and indirect labor was $20,000