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Koufex Material Corporation produces plastic products for home appliances and electronics. The financial department has produced the following information for the year ended December 31. dan costs Administrative salaries Depreciation on the administrative building Depreciation on the manufacturing plant Direct labor Direct waterials inventory, January 1 Directorials inventory, December Directorials purchased during the year Finished goods Inventory, January 1 Finished goods Inventory, December 31 Insurance con manufacturing plant) fos Maintenance on the manufacturing plant) Manufacturing plant utities Other snufacturing plant costs Sales revenue Taxes (on sanufacturing plant and property) work-in-process Inventory, January 1 work-in-process Inventory, December 31 Indirect labor $ 2,628, 1,145, 1,753, ale 4,605,52 1.228. 6. S. 660,80 1.43. 11, 343. 56.200 . 218,40 787,100 752,25 633, 22,657,928 218,50 485,250 399,00 Required: a. Prepare a cost of goods manufactured and sold statement b. Prepare an income statement Complete this question by entering your answers in the tabs below. OOGM and COGS SEM Income Prepare a cost of goods manufactured and sold statement. KOUFAX MATERIAL & CORP Cost of Good Manufactured and Bold Btatement For the Year Ending December 31 Manufacturing costs Direct materials: Manufacturing overhead: Total Overhead Total manufacturing costs Total cost of work in process during the year Costs of goods manufactured this year Cost of goods available for sale Cost of goods sold to income statement COM and Coos ett Income Sitmt > Koufax Materials Corporation produces plastic products for home appliances and electronics. The financial department has produced the following Information for the year ended December 31. Administrative salaries Depreciation on the administrative building Depreciation on the manufacturing plant Direct labor Direct materials inventory, January 1 Direct materials inventory, December 31 Direct materials purchased during the year Distribution costs Finished goods inventory, January 1 Finished goods inventory, December 31 Indirect labor Insurance (on manufacturing plant) Legal fees Maintenance on the manufacturing plant) Manufacturing plant utiities Marketing costs Other manufacturing plant costs Sales revenue Taxes (on manufacturing plant and property) Work-in-process inventory, January 1 Work-in-process inventory, December 31 $ 2,628,000 1,145,eee 1,753, eee 4,695,500 1,072,200 1,238, eee 8,959, eee 660,eee 1,645,000 1, 372,500 545,000 56,280 499,380 218,488 787, 188 752,250 633,880 22,657,920 218,600 406,250 399,700 Required: a. Prepare a cost of goods manufactured and sold statement. b. Prepare an income statement. Complete this question by entering your answers in the tabs below. COGM and Income Stmt COGS Stmts Prepare an income statement. (Loss amounts should be indicated with a minus sign.) KOUFAX MATERIALS CORP. Income Statement For the Year Ending December 31 Total operating costs