Following are the columns reflecting the statement of cost of goods manufactured and the income statement from the work sheet of Lambert Motor Corporation as of December 31, the end of the fiscal year. Beginning inventory of raw materials is $ 85,752; beginning inventory of work in process is $ 152,040.

Required
1. Prepare a statement of cost of goods manufactured.
2. Prepare an income statement.
3. Journalize the adjusting entries for the inventories.
4. Journalize the closingentries.

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STATEMENT OF COST OF GOODS MANUFACTURED INCOME STATEMENT CREDIT DEBIT 1,809,888.00 Sales Retums and Allowances Salbs Discounts nses Raw Materials Purchases (net) Direct Labor Indirect Labor Heat, Light and Power Factory Supervision 584 280.00 33,008.00 Machinery Repairs Depreciation Expense, Machinery Factory Supplies Used Factory Insurance Expired Small Tools Expense Miscellaneous Factory Costs Loss on Disposal of Equipment 32.316.00 21,600.00 21,504.00 20,856.00 5,880.00 4.320.00 1.488.00 nse Income Tax Expense 88,584.00 159,408.00 152.040.00 income Summary 360.00 1,555,368.00247,992.00 Cost of Goods Manufactured 1.307.376.00 1307376.00 1,555,368.001555,968.001,939,608.0 2,041248.00 101,640.00