The following record is from KM Company for the year ended December 31, 2020. Raw materials Inventory 1/1/20 Raw materials Inventory | 31/12/20 Finished goods Inventory 1/1/20 Finished goods Inventory 31/12/20 $48,000 Factory Insurance 39,600 | Factory Machine Depreciation 96,000 | Factory Utilities 75,900 Office Utilities Expense $4,600 16,000 27,600 8,650 Work in Process Inventory 19,800 Sales Revenue 534,000 1/1/20 Work in Process Inventory 18,600 Sales Discounts 4,200 31/12/20 Direct Labour 139,250 Plant Manager's Salary 24,460 | Factory Property Taxes 27,000 Factory Repairs 96,400 Cash 58,000 9,600 Indirect Labour 1,400 32,000 Accounts Receivable Raw Materials Purchases Required (a) Prepare a cost of goods manufactured schedule. (Assume all raw materials used were direct materials.) (8 marks) (b) Prepare an income statement through gross profit. (6 marks)