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5. Statements of cost of goods manufactured and sold (30 points) Howard Manufacturing Company had the following account balances for the year ending December 31,

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5. Statements of cost of goods manufactured and sold (30 points) Howard Manufacturing Company had the following account balances for the year ending December 31, unless otherwise noted: Direct materials inventory (January 1) Direct materials inventory (December 31) Work-in-process inventory (January 1) Work-in-process inventory (December 31) Finished goods inventory (January 1) Finished goods inventory (December 31) Direct materials purchased Indirect materials used Direct manufacturing labor Indirect manufacturing labor Property taxes on manufacturing plant building Salespersons' company vehicle costs Depreciation of manufacturing equipment Depreciation of office equipment Miscellaneous plant overhead Plant utilities General office expenses Marketing distribution costs Sales $ 18,000 12,000 140,400 171,000 540,000 510,000 414,000 84,000 480,000 186,000 28,800 12,000 264,000 123,600 135,000 92,400 305,400 30,000 2,500,000 a. Prepare the statement of cost of goods manufactured for 2018 b. Prepare the statement of cost of goods sold for 2018 c. Prepare the income statement for 2018 d. What are prime costs for the year? e. What are conversion costs for the year

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