The following record is from KM Company for the year ended December 31, 2020. $4,600 16,000 Raw materials Inventory 1/1/20 Raw materials Inventory 31/12/20 Finished goods Inventory 1/1/20 Finished goods Inventory 31/12/20 Work in Process Inventory 1/1/20 Work in Process Inventory 31/12/20 $48,000 Factory Insurance 39,600 Factory Machine Depreciation 96,000 Factory Utilities 75,900 Office Utilities Expense 27,600 8,650 19,800 Sales Revenue 534,000 18,600 Sales Discounts 4,200 Direct Labour Indirect Labour Accounts Receivable Raw Materials Purchases 139,250 Plant Manager's Salary 24,460 Factory Property Taxes 27,000 Factory Repairs 96,400 Cash 58,000 9,600 1,400 32,000 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)