Problem 2-43 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1, 2-3, 2-5, 2-6) 2. Cost of goods sold: $580,000 The following data refer to San Fernando Fashions Company for the year 20x2: Sales revenue Work-in-process inventory, December 31 Work-in-process Inventory, January 1 Selling and administrative expenses Income tax expense Purchases of raw material Raw-material inventory, December 31 $950,000 30,000 40.000 150.000 90,000 180,000 25,000 (continued) Chapter 2 Basic Cost Management Concepts Raw-material inventory, January 1 40,000 Direct labor 200,000 Utilities: plant 40,000 Depreciation: plant and equipment 60,000 Finished goods Inventory, December 31 50,000 Finished-goods Inventory, January 1 20,000 Indirect material 10,000 Indirect labor 15.000 Other manufacturing overhead 80,000 Required: 1. Prepare San Fernando Fashions schedule of cost of goods manufactured for the year. 2. Prepare San Fernando Fashions' schedule of cost of goods sold for the year. 3. Prepare San Fernando Fashions income statement for the year. 4. Build a spread sheet: Construct an Excel spreadsheet to solve all of the preceding requirements. Show how both cost schedules and the income statement will change if raw material purchases amounted to $190,000 and indirect labor was $20,000