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Question 1) Billy Bob's Bikes Corporation is having some issues with their accounting department. They hired some accountants who got their educations at an institution other than Eastem Illinois University. Luckily, Billy Bob found out you were going to Eastern Illinois University and hired you immediately! Billy Bob has asked you to fix the mistakes that the other accountants have made. Below is the information the bad accountants came up with: Additional information as of August 31, 2023: - They began operations on September 1, 2022 and had zero balances in Raw Materials, Work-in-Process, and Finished Goods on that date. - They manufactured 64 bikes during the fiscal year and they cost $11,487.875 per bike to produce. - Ending Work-in-Process was determined to be $26,500. - Ten percent of the utilities was used at the headquarters. - Ending Raw Materials was determined to be $33,300. - Eighty percent of the rental cost was used at the factory. Billy Bob really needs to know if his company is doing as bad as the accountants who went to other University's said he's doing. Can you help him out?? Required: 1. Prepare a schedule of cost of goods manufactured for the year in good form, as shown in class. 2. Prepare a corrected income statement for the year in good form, as shown in class. 3. What should Billy Bob do with the accountants who got their educations at institutions not named Eastern Illinois University? Good Form means: show a proper heading, the full statement in detail, and double underline your final answer similar to what you did in financial accounting for financial statements)

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