Backyard Fashions is a manufacturer of backyard and deck furniture. Its products are in high demand and it carries no inventory. Following is a list of selected account balances from its trial balance for the most recent year ended December 31 (in no particular order.) (Click the icon to view the December 31 account balances.) Read the requirements. Requirement 1, 2, 3, and 4. To solve for the amounts required, prepare the income statement for Backyard Fashions for the year ended December 31. Backyard Fashions Income Statement For the Year Ended December 31 Less: TILI Less: $ Salaries and wages (for administrative and sales staff).. $ 32,500 Stain (used in manufacturing furniture).. 11,500 Indirect labor costs (wages of maintenance workers in factory) .... $ 21,500 Other manufacturing overhead (includes factory insurance and property taxes) $ 9,100 Rent and utilities (for administrative offices)... $ 11,900 Utility costs (related to factory) $ 10,600 Labor costs (wages of carpenters who build furniture). $ 36,500 Accounts receivable 27,800 Marketing costs.. 16,600 Wood (used in manufacturing furniture). 59,500 Sales revenues. $ 300,000 Accounts payable 6,600 $ $ Using the income statement accounts in the table, calculate: 1. Cost of goods sold. Hint: Cost of goods sold can be calculated by summing the total product costs since there is no inventory. 2. Operating expenses. Hint: Operating expenses are the company's period costs. 3. Gross profit 4. Operating income