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The following data refer to Laredo Luggage Company for the year 20x2:

Sales revenue	$	1,000,000
Work-in-process inventory, December 31		30,000
Work-in-process inventory, January 1		36,000
Selling and administrative expenses		150,000
Income tax expense		90,000
Purchases of raw material		170,000
Raw-material inventory, December 31		25,000
Raw-material inventory, January 1		40,000
Direct labor		180,000
Utilities: plant		40,000
Depreciation: plant and equipment		50,000
Finished-goods inventory, December 31		50,000
Finished-goods inventory, January 1		20,000
Indirect material used		10,000
Indirect labor		12,000
Other manufacturing overhead		40,000

1. Prepare Laredo Luggage's schedule of cost of goods manufactured for the year 2. Prepare Laredo Luggage's schedule of cost of goods sold for the year. LAREDO LUGGAGE COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31, 20X2 LAREDO LUGGAGE COMPANY Schedule of Cost of Goods Sold For the Year Ended December 31, 20x2 Direct material: 0 Manufacturing overhead 3. Prepare Laredo Luggage's income statement for the year LAREDO LUGGAGE COMPANY Income Statement For the Year Ended December 31, 20x2 Total manufacturing overhead Total manufacturing costs Subtota Income before taxes Cost of goods manufactured 0