Backyard Home is a manufacturer of backyard and deck furmure. Its products are in high demand and it caries 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) m(Click the ioon to view the December 31 account balanoes.) Read the requirements Requirement 1, 2, 3, and 4. To solve for the amounts nequired, prepare the income statement for Backyard Home for the year ended December 31. Backyard Home Income Statement For the Year Ended December 31 Less: Less Choose from any list or enter any number in the input felds and then continue to the next question MacBook Pro FS F4 esc & A $ 4 8 7 6 5 6 3 2 funiture. Its products are in high demand and it carries no inventory. Following is a list of selected account balances fr - X December 31 Account Balances $ Salaries and wages (for administrative and.sales staff 36,500 $ 12,000 Stain.(used.in.manufacturing.furniture). $ 21,500 Indirect.laboc costs. (wages of maintenance workers.in.factory) Other manufacturing ovechead (includes.factory.insurance and property.taxes)..B 9,100 12,200 Rent and.utilities.(for administrative.offices). 10,700 Utility costs. (related to factory) 37,500 Labor costs. (wages of carpenters who.build furniture). $ 26,900 Accounts.receivable 17,500 Marketing.costs 60,000 $ Wood (used in manufacturing furniture) 320,000 Sales revenues 7,200 Accounts payable Print Done nput fields and then continue to the next question. MacBook Pro F10 FB F7 FA ES $ & % fumiture. Its products are in high demand and it carries no inventory. Following is a list of selected account ba ances.) equired prenare the income statement for Backuard Home for the vear ended December 31 i Requirements 31 Using the income statement accounts in the table, calculate: Cost of goods sold. Hint: Cost of goods sold can be calculated by summing the total product costs since there is no inventory. 1. Operating expenses. Hint: Operating expenses are the company's period 2. costs. Gross profit Operating income 3. 4 Print Done nput fields and then continue to the next question. MacBook Pro