Calculator Cost of Goods Manufactured, Income Statement Orman Company produces neon-colored covers for tablets (e.g., iPads). For last year, Orman reported the following: Work-in-process inventory, January 1 $ 13,300 Work-in-process inventory, December 31 Finished goods inventory, January 1 28,190 112,520 Finished goods inventory, December 31 85,480 Direct materials inventory, January 1 3,470 2,630 Direct materials inventory, December Direct materials purchased Direct labor 184,270 Plant depreciation 138,890 19,380 47,250 Salary, production supervisor Indirect labor 68,230 Utilities, factory Sales commissions 15,570 42,330 Salary, sales supervisor 74,970 Depreciation, factory equipment Administrative expenses 31,630 Calculator Supplies (40% used in the factory, 60% used in the sales office) 18,370 Advertising expense 43,120 Last year, Orman produced 89,030 units and sold 90,940 units at $10.50 per unit. Required: 1. Prepare a statement of cost of goods manufactured. Orman Company Statement of Cost of Goods Manufactured For Last Year Direct materials: Beginning inventory $ Add: Purchases Direct materials used in Production Manufacturing overhead: All work saved Calculator Total manufacturing costs added Cost of goods manufactured 2. Prepare an absorption-costing Income statement. Orman Company Income Statement: Absorption Costing For Last Year Cost of goods sold: U Less operating expenses: DO All work saved