2 (a) Compute the Cost of Goods Manufactured and Cost of Goods Sold for Grand Canyon Manufacturing Company for the most recent year using the amounts described next. Assume that the Raw Materials Inventory contains only direct materials. (Possible 20 points). Raw materials inventory Work in process inventory Finished goods inventory Purchases of direct materials Direct labor Indirect labor Insurance on plant Depreciation - Plant building and equipment Repairs and maintenance - plant Marketing expenses General and administrative expenses Beginning of Year $26,000 $38,000 $23,000 End of Year $28,000 $32,000 $25,000 $74,000 $39,000 $39,000 $13,500 $15,400 $5,700 $80,000 $31,500 (b) Prepare the income statement for Grand Canyon Manufacturing Company using the above data for the most recent year. Assume that the company sold 43,000 units of its product at a price of $15 each during the year. Note: you can use cost of goods sold computation from part a', rather than repeating the details of the computation here. (Possible 20 points)