The following information has been taken from the accounting records of Klear-Seal Corporation for last year: Management wants these data organized in a better format so that financial statements can be prepared for the year. Required: I. Prepare a schedule of cost of goods manufactured as Exhibit 2-6. Assume raw materials consists entirely of direct materials. 2. Compute the cost of goods sold as in Exhibit 2-4. 3. Prepare an income statement. Selling expenses Raw materials inventory, January 1 Raw materials inventory, December 31 Direct labor cost Purchases of raw materials Sales Administrative expenses Manufacturing overhead Work in process inventory, January 1 Work in process inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 $140,000 $90,000 $60,000 $150,000 $750,000 $2,500,000 $270,000 $640,000 $180,000 $100,000 $260,000 $210,000