2. Olayne Company produces skin care creams. in 2023 There is accounting information as follows: Sales Selling expenses 675,000 120,000 Administrative expenses 210,000 Purchases Materials 116,625 Freight in Purchases Materials 4,875 Purchases Materials Returns and Allowances 11,250 Purchases Materials Discounts 5,813 Indirect Materials used 4,050 Direct labor 67,500 Indirect labor 8,100 Other Factory overhead 28,350 Direct Materials inventory, Jan, 1 Direct Materials 27,000 Indirect Materials 4,050 Work in process inventory, Jan, 1 70,875 Finished goods inventory, Jan, 1 57,000 Direct Materials inventory, Dec, 31 30,375 Work in process inventory, Dec, 31 Finished goods inventory, Dec, 31 Required: 1. Prepare Olayne Company Cost of good sold for the year 2. Prepare Olayne Company Income statement for the year 52,313 43,875 Olayne Company Statement of Cost of Goods Sold For the year Ended December 31, 2023 Olayne Company Incime Statement For the year Ended December 31, 2023