Carmine Manufacturing Company incurred the following costs while manufacturing its product Finished Goods Inventory, December 31 $212,000 Factory Supervisory Salaries $112,000 Income Tax Expense $138,000 Raw Materials Inventory, December 1 $112,000 Work in Process Inventory, December 31 $151,000 Other indirect Costs $143,000 Factory Depreciation Expense $10,000 Finished Goods Inventory, December 1 $335,000 Raw Materials Purchases $105,000 Work in Process Inventory, December 1 $25,000 Factory Utilities Expense $16,000 Direct Labor $170,000 Indirect Material $10,000 Freight-in $4,000 Fright - out $5,000 Raw Materials Inventory, December 31 $219,000 General Expenses $125,000 Selling Expenses $102,000 Administrative Expenses $132,000 Other Period Expenses $23,000 Indirect Labor $221,000 Sales Revenues $1,000,000 Income Taxes Expenses 29% Instructions: b. Prepare the Income Statement for the year ended December 31, 2024 c. After completing parts a and b, as manager you can argue from your answers