value: 10.00 points Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income statement for the quarter ending December 31, 2016. Sales Purchases of materials (1) Payroll (2) Advertising Administrative travel Manufacturing utilities Facility rental (3) Depreciation (4) Sales commissions Annual insurance (manufacturing) Office utilities Management salaries (5) Net income $ 1,378,600 246,740 266,900 37,200 27,800 49,800 92,000 63,900 43,000 42,000 22,600 390,000 96,660 Notes: (1) 80% of the materials were direct (2) 70% direct labour; 30% indirect labour (3) 90% related to manufacturing (4) 75% related to manufacturing (5) 40% related to manufacturing Furthermore Rosenthal compiled the following information with respect to inventories for the quarter (note that the company does not maintain inventories of indirect materials). Direct materials Work-in-progress Finished goods Beginning $ 6,970 8,170 11,380 Ending $ 8,020 9,280 7.480 Required: 1. Not available in Connect. 2. Prepare a cost of goods manufactured statement for the quarter. Cost of Goods Manufactured Statement Direct Materials: Direct materials used Overhead Total manufacturing costs Cost of goods manufactured 3. Prepare a revised income statement for the quarter. Russell Company Income Statement For the Quarter Ending December 31, 2016 Cost of Goods Sold: Goods available for sale Cost of goods sold Deduct: S & A expenses