The following information pertains to Princeton Manufacturing for 2018: Direct labour S 30,000 Sales 400,000 Selling expenses Raw (direct) materials on hand: January 1 50,000 8,000 December 31 4,000 General and administrative expenses Finished goods: January 1 Work-in-process: January 1 December 31 18,000 25,000 19,000 18,000 47,000 Direct materials purchases Depreciation: factory Indirect labour 20,000 3,000 Indirect materials used 7,000 Marketing promotions Factory taxes Utilities 1,500 11,000 20,000 Courier costs (office) 900 Miscellaneous plant overhead Plant repairs and maintenance 4,000 9,000 Customer service costs 3,000 Fire insurance: factory equipment Materials handling costs 3,000 8,000 Additional Information: a. The gross profit margin is 73.25 percent. b. Depreciation is charged to production at 70 percent. c. Utilities are charged to production at 90 percent. Required: 1. Prepare a schedule of cost of goods manufactured for the year ended December 31. 2. Prepare a schedule of cost of goods sold. 3. Prepare an income statement for the year ended December 31. The following information pertains to Princeton Manufacturing for 2018: Direct labour S 30,000 Sales 400,000 Selling expenses Raw (direct) materials on hand: January 1 50,000 8,000 December 31 4,000 General and administrative expenses Finished goods: January 1 Work-in-process: January 1 December 31 18,000 25,000 19,000 18,000 47,000 Direct materials purchases Depreciation: factory Indirect labour 20,000 3,000 Indirect materials used 7,000 Marketing promotions Factory taxes Utilities 1,500 11,000 20,000 Courier costs (office) 900 Miscellaneous plant overhead Plant repairs and maintenance 4,000 9,000 Customer service costs 3,000 Fire insurance: factory equipment Materials handling costs 3,000 8,000 Additional Information: a. The gross profit margin is 73.25 percent. b. Depreciation is charged to production at 70 percent. c. Utilities are charged to production at 90 percent. Required: 1. Prepare a schedule of cost of goods manufactured for the year ended December 31. 2. Prepare a schedule of cost of goods sold. 3. Prepare an income statement for the year ended December 31. The following information pertains to Princeton Manufacturing for 2018: Direct labour S 30,000 Sales 400,000 Selling expenses Raw (direct) materials on hand: January 1 50,000 8,000 December 31 4,000 General and administrative expenses Finished goods: January 1 Work-in-process: January 1 December 31 18,000 25,000 19,000 18,000 47,000 Direct materials purchases Depreciation: factory Indirect labour 20,000 3,000 Indirect materials used 7,000 Marketing promotions Factory taxes Utilities 1,500 11,000 20,000 Courier costs (office) 900 Miscellaneous plant overhead Plant repairs and maintenance 4,000 9,000 Customer service costs 3,000 Fire insurance: factory equipment Materials handling costs 3,000 8,000 Additional Information: a. The gross profit margin is 73.25 percent. b. Depreciation is charged to production at 70 percent. c. Utilities are charged to production at 90 percent. Required: 1. Prepare a schedule of cost of goods manufactured for the year ended December 31. 2. Prepare a schedule of cost of goods sold. 3. Prepare an income statement for the year ended December 31. The following information pertains to Princeton Manufacturing for 2018: Direct labour S 30,000 Sales 400,000 Selling expenses Raw (direct) materials on hand: January 1 50,000 8,000 December 31 4,000 General and administrative expenses Finished goods: January 1 Work-in-process: January 1 December 31 18,000 25,000 19,000 18,000 47,000 Direct materials purchases Depreciation: factory Indirect labour 20,000 3,000 Indirect materials used 7,000 Marketing promotions Factory taxes Utilities 1,500 11,000 20,000 Courier costs (office) 900 Miscellaneous plant overhead Plant repairs and maintenance 4,000 9,000 Customer service costs 3,000 Fire insurance: factory equipment Materials handling costs 3,000 8,000 Additional Information: a. The gross profit margin is 73.25 percent. b. Depreciation is charged to production at 70 percent. c. Utilities are charged to production at 90 percent. Required: 1. Prepare a schedule of cost of goods manufactured for the year ended December 31. 2. Prepare a schedule of cost of goods sold. 3. Prepare an income statement for the year ended December 31.