(1) Make sure you use a 3-line header

(2) Dollar signs are reserved for the first number in each column and the final figure.

(3) the Beginning Work in Process appearing as the first line on the Cost of Goods Manufactured Schedule

(4) Separate the Operating Expenses into "Selling" and "General and Administrative"

(5) For total Cost of Goods Manufactured you should get $251,200

(6) For Gross Profit on the income statement you should get $528,500

(7) For Net income on the income statement you should get $503,800

Draper Inc. Draper Inc., a manufacturer of mid-century modern cocktail carts, provides you with the following data relating to their manufacturing costs for the year. Use this information to answer the required items. Cost Classification Product or Period Type $ 10,800 N/A 2,000 N/A 1,800 N/A 10,300 N/A 21,000 N/A 31,500 N/A DM Inventory balances Raw materials inventory, 1/1/20 Work in process inventory, 1/1/20 Finished goods inventory, 1/1/20 Raw materials inventory, 12/31/20 Work in process inventory, 12/31/20 Finished goods inventory, 12/31/20 Other information Raw materials purchases Factory supervisor Sales salaries expense Office utilities Sales revenue Sales returns and allowance Factory utilities Factory rent Advertising Direct labor Depreciation on factory equipment 19,000 Product 35,000 5,000 1,700 755,000 N/A 5,000 N/A 10,000 13,000 18,000 190,000 2,700 1.) In the column entitled "Cost Classification", place the item into its appropriate cost category as we covered in Topic 2.1. Raw materials purchases has already been completed for you as an example. You will list either "Product or Period" in the first column and then either DM, DL, MOH, Selling, or Admin in the second column. You don't need to classify the items already identified as "N/A", as these items do not represent costs. 2.) Prepare the Schedule of Cost of Goods Manufactured for Draper Inc. 3.) Calculate the company's Cost of Goods Sold. Show your work. 4.) Prepare the company's Income Statement