The following data were taken from the records of Flexsteel Manufacturing Company for the year ended May 31, 2016. $7,000 4,000 30,000 Raw Materials Factory Insurance Plant Manager's Salary Factory Utilities Inventory 6/1/15 $47,000 Factory Mach-Depreciation Raw Materials Inventory 5/31/16 Finished Goods 12,900 100,000 475,000 2,500 5,000 6,000 1,000 67,500 28,000 2,000 27,000 Operating Expenses Inventory 6/1/15 Finished Goods 85,000 Sales Revenue Sales Discounts 77,000Short-term investments Inventory 5/31/16 Work in Process Factory Property Taxes 9,500 Factory Repairs 8,000 Cash 18,000 Accounts Receivable Inventory 6/1/15 Work in Process Raw Materials Purchases Inventory 5/31/16 Direct Labor Indirect Labor 145,000 Prepaid Expenses Instructions (a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) (b) Prepare an entire income statement through net income (c) Prepare the current asset section of the balance sheet at May 31, 2016