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Required information [The following information applies to the questions displayed below.] The following data refer to Twisto Pretzel Company for the year 20x1. Work-in-process inventory, 12/31/x0 Selling and administrative salaries Insurance on factory and equipment Work-in-process inventory, 12/31/xl Finished-goods inventory, 12/31/x0 Cash balance, 12/31/x1 Indirect material used Depreciation on factory equipment Raw-material inventory, 12/31/x0 Property taxes on factory Finished-goods inventory, 12/31/x1 Purchases of raw material in 20x1 Utilities for factory Utilities for sales and administrative offices Other selling and administrative expenses Indirect-labor cost incurred Depreciation on factory building Depreciation on cars used by sales personnel Direct-labor cost incurred Raw-material inventory, 12/31/x1 Accounts receivable, 12/31/x1 Rental for warehouse space to store raw material Rental of space for company president's office Applied manufacturing overhead Sales revenue Income tax expense $ 8,100 13,700 3,600 8,300 14,000 7,000 4,900 2,100 10,200 2,400 15,200 38,800 6,000 2,400 4,000 29,000 3,800 1,200 79,000 11,000 4,200 3,000 1,600 58,000 205,800 5,100 TWISTO PRETZEL COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31, 20X1 Direct material: Raw-material inventory, 12/31/x0 $ Add: Purchases of raw material 10,200 38,800 49,000 11,000 Raw material available for use Less: Raw-material inventory, 12/31/x1 Raw material used $ 38,000 Direct labor 79,000 Manufacturing overhead: Insurance $ 3,600 Indirect material 4,900 Depreciation on factory equipment 2,100 Property taxes 2,400 Utilities 6,000 Indirect labor 29,000 Depreciation on factory building 3,800 Rental of warehouse space 3,000 Total actual manufacturing overhead $ 54,800 Add: Overapplied overhead 3,200 Overhead applied to work in process 58,000 Total manufacturing costs $ 175,000 Add: Work-in-process inventory, 12/31/x0 8,100 Subtotal $ 183,100 8,300 Less: Work-in-process inventory, 12/31/x1 Cost of goods manufactured $ 174,800 2. Prepare the company's schedule of cost of goods sold for 20x1. The company closes overapplied or underapplied overhead into Cost of Goods Sold. TWISTO PRETZEL COMPANY Schedule of Cost of Goods Sold For the Year Ended December 31, 20X1 Finished-goods inventory, 12/31/x0 Cost of goods available for sale Cost of goods sold Adjusted cost of goods sold 3. Prepare the company's income statement for 20x1. TWISTO PRETZEL COMPANY Income Statement For the Year Ended December 31, 20X1 Selling and administrative expenses: Total