Spencer Company produced 200,000 cases of sports drinks during the past calendar year. Each case of 1-liter bottles sells for $36. Spencer had 2,500 cases of sports drinks in finished goods inventory at the beginning of the year. At the end of the year, there were 11,500 cases of sports drinks in finished goods inventory. Spencer’s accounting records provide the following information:

Required:
1. Prepare a cost of goods manufactured statement.
2. Compute the cost of producing one case of sports drink last year. (Round your answer to the nearest cent.)
3. Prepare an income statement on an absorption-costing basis. Include a column showing the percent of each line item of sales. (Round your percentage answers to two significant digits, e.g., 45.67%. )LO1

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Purchases of direct materials Direct materials inventory, January 1 Direct materials inventory, December 31 $2,350,000 Direct labor Indirect labor Depreciation, factory building Depreciation, factory equipment Property taxes on factory Utilities, factory Insurance on factory Salary, sales supervisor Commissions, salespersons Advertising 290,000 112,000 1,100,000 334,000 525,000 416,000 65,000 150,000 200,000 85,000 216,000 500,000 General administration 390,000 Work-in-process inventory, January 1 450,000 Work-in-process inventory, December 31 Finished goods inventory, January 1 750,000 107,500 Finished goods inventory, December 31. 488,750