The Iriquois Company manufactures cleaning kits for PCs. Attached are the account balances at its year end, December 31, 20X1. REQUIRED: Prepare a statement of cost of goods manufactured for Iriquois Company for the year ending December 31, 20X1. IRIQUOIS COMPANY SELECTED ACCOUNT BALANCES FOR YEAR ENDING DECEMBER 31, 20X1 Beginning Ending Inventories: Finished Goods $ 40,000 $ 60,000 Work in Process Direct Materials 16,000 9,000 14,000 15,000 240,000 Direct Materials Purchases Payroll Costs: Production Line Assembly Workers Manufacturing Equipment Maintenance Workers Plant Supervisors Sales Salaries Property Tax Expense (70% is for manufacturing, remainder is operating) Depreciation Expense (80% is for manufacturing, remainder is operating) Plant Equipment Repairs Expense Utilities Expense (80% is for manufacturing, remainder is operating) Income Tax Expense 100,000 30,000 60,000 120,000 10,000 90,000 20,000 16,000 50,000