On January 31, 2022, the respective inventory balances were as follows: Raw materials inventory (includes $300 of indirect materials) $6,300 Work in process inventory Finished goods inventory $6,500 $5,200 a. Use the T-accounts to trace the cost flow. b. Prepare an income statement for the month of January 2022, as well as a cost of goods manufactured schedule. Purchases of raw materials on credit: $12,000; includes $11,000 for direct materials and $1,000 for indirect materials. Sales of finished goods for the month, all on credit: $35,000. Payment of accounts payable: $11,000. Collection of accounts receivable: $40,000. Issued to production: $10,700; includes $10,000 for direct materials and $700 for indirect materials. Transferred to finished goods: the completed units. Recorded the sales and the cost of goods sold.