The following data is available for 2020: Raw materials inventory, January 1 $ 20,000 Raw materials...

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The following data is available for 2020: Raw materials inventory, January 1 $ 20,000 Raw materials inventory, December 31 10,000 Work in process, January 1 6,000 Work in process, December 31 9,000 Finished goods, January 1 16,000 Finished goods, December 31 20,000 Raw materials purchases 400,000 Sales returns and Allowances 10,000 Direct labor 200,000 Factory utilities 75,000 Indirect labor-factory 45,000 Factory depreciation 180,000 Selling and marketing overheads 21,000 Sales Revenue 980,000 Administration overheads 10,000 Required: For the year ended December 31,2020, a) Prepare the Cost of Goods Manufactured Schedule. (in proper format. ) b) Prepare the Income Statement. (in proper format. ) The following data is available for 2020: Raw materials inventory, January 1 $ 20,000 Raw materials inventory, December 31 10,000 Work in process, January 1 6,000 Work in process, December 31 9,000 Finished goods, January 1 16,000 Finished goods, December 31 20,000 Raw materials purchases 400,000 Sales returns and Allowances 10,000 Direct labor 200,000 Factory utilities 75,000 Indirect labor-factory 45,000 Factory depreciation 180,000 Selling and marketing overheads 21,000 Sales Revenue 980,000 Administration overheads 10,000 Required: For the year ended December 31,2020, a) Prepare the Cost of Goods Manufactured Schedule. (in proper format. ) b) Prepare the Income Statement. (in proper format. )

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