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Problem1 From the account balances listed below, prepare a schedule of cost of goods manufactured for Reagan Manufacturing Company for the month ended December Account Balances Finished Goods Inventory, December 31 Factory Supervisory Salaries Income Tax Expense Raw Materials Inventory, December 1 Work In Process Inventory, December 31 Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory, December 1 Raw Materials Purchases Work In Process Inventory, December 1 Factory Utilities Expense Direct Labor Raw Materials Inventory, December 31 Sales Returns and Allowances Indirect Labor $42,000 12,000 18,000 12,000 35,000 14,000 5,000 35,000 60,000 30,000 4,000 70,000 19,000 5,000 21,000 Solution REAGAN MANUFACTURING COMPANY Cost of Goods Manufactured Schedule For Month Ended December 31, 2021 Value Work in process, December 1 Direct materials Value Value ? Value Total raw materials available for use Direct materials used Direct labor Manufacturing overhead 2 Value Value Value Value Value ? Total manufacturing overhead Total manufacturing costs ? ? Value ? Cost of goods manufactured