Manufacturing information for 2001 for the fossil furniture company is provided below.On January 1,

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Manufacturing information for 2001 for the fossil furniture company is provided below.On January 1, 2001, raw materials inventory included direct materials with a cost of$20,000. During the year, the firm purchased direct materials costing $50,000. At year-end, theaccount included direct materials, with a cost of $5,000.During the year, work-in-process inventory was charged with direct labor, variablefactory overhead, and fixed factory overhead costs totaling $90,000, $60,000, and $45,000,respectively.Account balances were as follows:Work-in-process inventoryJanuary1, 2001…………………………………..$40,000Work-in-process inventoryDecember 31, 2001………………………………$45,000Finished Goods inventoryJanuary 1, 2001………………………………….$35,000Finished Goods InventoryDecember 31, 2001………………………………$50,000a. Prepare a schedule of cost of goods manufactured for the year endedDecember 31, 2001. assume an actual cost system.B. Determine the amount of cost of goods sold.Was cost of goods sold equal to, more than, or less than cost of goods manufactured for thisyear? Why?