INSTRUCTIONS: 1) Using the information from above, start by preparing the schedule of cost of goods manufactured. ABC Manufacturing Company Schedule of Cost of Goods Manufactured Month Ended July 31, 2021 Beginning Work-in-Process Inventory Direct Materials Used: Beginning Direct Materials Purchases of Direct Materials (including Freight In) Direct Materials Available for Use Ending Direct Materials Direct Materials Used Direct Labor Manufacturing Overhead Total Manufacturing Costs Incurred during the Year Total Manufacturing Costs to Account For Ending Work-in-Process Inventory Cost of Goods Manufactured 2) Now prepare the schedule of cost of goods sold. Beginning Finished Goods Inventory Cost of Goods Manufactured Cost of Goods Available for Sale Ending Finished Goods Inventory Cost of Goods Sold ABC Manufacturing Company Schedule of Cost of Goods Sold Month Ended July 31, 2021 0 0 0 0 0 Direct Materials, January 1 Direct Materials, December 31 Work-in-Process Inventory, January 1 Work-in-Process Inventory, December 31 Finished Goods Inventory, January 1 Finished Goods Inventory, December 31 Direct Materials Purchased, including Freight In Direct Labor Manufacturing Overhead 5,000 7,000 12.000 16,000 8,000 6,000 25,000 36,000 17,000