The following information is taken from the records of Smith Manufacturing Company for 2017. RM inventory, Jan. 1 $ 200,000 Purchases of RM $ 318,000 RM inventory, Dec. 31 210,000 Direct labor 180,000 Utilities. plant 50,000 Depreciation: plant 40,000 Indirect materials 30,000 Indirect labor 150,000 Other manufacturing overhead 60,000 Sales revenues 1,250,000 Selling expenses 110,000 Administrative expenses 40,000 WIP inventory, Jan. 1 64.000 WIP inventory, Dec. 31 120,000 FG inventory, Jan. 1 80,000 FG inventory, Dec. 31 150,000 Required: Prepare in good form each of the following: (1): A schedule of cost of goods manufactured for 2017. (2): A schedule of cost of goods sold for 2017. (3): An income statement for 2017 if the income tax rate was 30%. Solution