Chaos Manufacturing had the following financial information for the year ended December 31 2018 None 2 Labem Inventory Balances Work in Progress Finished Goods Raw Materials Deginning $ 90.000 $ 77,000 $10,000 Ending $ 80,000 $67.000 $30.000 During the year, the budgeted and actual costs were as follows: Direct Labur $270,000 + Fattury Salaries $85,000 + Head Office Salaries $163,000 = $518,000 Note 3 - Building Rent The building is shared between the factory and the administrative office. 63% of the building related to the factory, and the remaining B2 is related to the administrative office Note 4 - Utlities Electrical 90% of these costs are related to the factory, and 10% of these costs are related to the administrative office. Nato 1 2 Note 5 - Utilities - Gas All of the Gas is used to heat production equipment. 3 Raw Materials Abcur Depreciation Factory Cquipment Depreciation Office Equipment Building Rent Maintenance Factory Equipment Utilities - Electrical Utilities - 685 Uulities - Telecom Sales Commissions Advertising Shipping Total 4 Actual 290,000 518,000 72,000 24,000 100,000 40,000 190,000 90,000 22,000 30,000 70,000 10,000 1,402,000 Note D- Utilities - Telecom All of the Telecom costs are for sales people 5 6 Note 7 - Shipping All of the shipping costs are to ship finished goods to customers. 7 Sales for the year were $1,500,000 Required: Prepare an income statement. You may include a scheduk of Cost of Goods Manufactured and Cost of Goods Sold as separate schedule or as part of the Income Statement Note 1 - Raw material 90% of raw materials are traced directly to specific jobe, and the remaining 10% of raw materials are used throughout the production process and not traced. $290,000 in materials was purchased in the year