You are given the following data for Classic Manufacturing Company for 2019: Sales $350,000 Depreciation of machinery 4,000 Direct labor 70,000 Factory heat, light and power 3,000 Factory supplies used 2,000 Indirect labor 28,000 Misc. manufacturing costs 1,000 Purchase of direct materials 88,000 Rent, factory building 12,000 Marketing & admin. 120,000 Inventories: Dec. 31. 2018 Dec. 31, 2019 Direct materials $22,000 $20,000 Finished goods 39,000 45,000 Work in Process 18,000 12,000 Prepare an income statement and a schedule of cost of goods manufactured