2. Straightforward manufacturing statements The following information was extracted from the accounting records of Olympic Company for the year just ended: Sales $628,000 56,700 23,500 Work in process, Jan. 1 Advertising expense Direct material purchases Finished goods, Dec. 31 Indirect materials used 231,500 67,800 12,300 Direct labor 85,600 45,500 55,900 38,200 Direct materials, Jan. 1 Finished goods, Jan. 1 Direct materials, Dec. 31 Sales staff salaries Work in process, Dec. 31 Indirect labor 33,300 47.400 50,700 Utilities, taxes, insurance, and depreciation are incurred jointly by Olympic's manufacturing, sales, and administrative facilities. The costs were as follows: Utilities Taxes Insurance Depreciation The first three costs are allocated proportionately on the basis of square feet occu- pied by the three functional areas. A review of the company's facilities revealed the following percentages would be appropriate: manufacturing, 50%; sales, 30%; and administrative, 20%. Depreciation is allocated 70, 20, and 10%, respectively. sontaleyiorge.edu Instructions a. Prepare a schedule of cost of goods manufactured in good form. b. Prepare an income statement in good form. wa