The following information was taken from the accounting records of Mitchell Company for last year: Selling expenses. Raw materials inventory, January 1. Raw materials inventory, December 31..... Utilities, factory.... Direct labour cost.. Depreciation, factory.. Purchases of raw materials. Sales.... Insurance, factory Supplies, factory Administrative expenses Indirect labour.. Maintenance, factory Work in process inventory, January 1.... Work in process inventory, December 31 Finished goods inventory, January 1.. Finished goods inventory, December 31.. $ 150,000 80,000 70,000 36,000 150,000 162,000 850,000 2,500,000 40,000 15,000 270,000 350,000 87,000 180,000 100,000 260,000 210,000 Management wants to organize these data into a better format so that financial statements can be prepared for the year. Required: a. Prepare a schedule of cost of goods manufactured. b. Compute the cost of goods sold. c. Using data as needed from (a) and (b) above, prepare an income statement