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Problem 18-3B Using the information from Problem 18-2B and the following additional inventory information for Best Schedule of cost of goods Bikes, complete the requirements below. Assume income tax expense is $136,700 for the year. manufactured and income statement; analysis of Inventories inventories Raw materials, December 31, 2018 . . $40,375 Work in process, December 31, 2019 . . $ 14, 100 P2 A1 Raw materials, December 31, 2019 . .. ..... 70,430 Finished goods, December 31, 2018 . . . 177,200 Work in process, December 31, 2018 .. .. 12,500 Finished goods, December 31, 2019 141,750 Required Check (1) Cost of goods 1. Prepare the company's 2019 schedule of cost of goods manufactured. manufactured, $1,816,995 2. Prepare the company's 2019 income statement that reports separate categories for (a) selling expenses and (b) general and administrative expenses. Analysis Component 3. Compute the (a) inventory turnover, defined as cost of goods sold divided by average inventory, and (b) days' sales in inventory, defined as 365 times ending inventory divided by cost of goods sold, for both its raw materials inventory and its finished goods inventory. (To compute turnover and days' sales in inventory for raw materials, use raw materials used rather than cost of goods sold.) Discuss some possible reasons for differences between these ratios for the two types of inventories. Round answers to one decimal place.A B C D E G H Chapter 18 Cost of Goods Manufactured Direct materials Beginning raw materials inventory 5 Raw materials purchases 6 Raw materials avaiable for use Less ending raw materials inventory B Direct materials used 9 Direct labor 10 Total factory Overhead 11 Total Manufacturing costs 12 Beginning work in process inventory 13 Total cost of work in process 14 Less Ending work in process inventory 15 Cost of goods manufactured 16 17 Cost of Goods Sold 18 Beginning finished goods inventory 19 Cost of goods manufactured 20 Cost of goods avalable for sale 21 Less ending finished goods inventory 22 Cost of goods sold