Koufax Materials Corporation produces plastic products for home appliances and electronics. The financial department has produced the following information for the year ended December 31. Administrative salaries Depreciation on the administrative building Depreciation on the manufacturing plant Direct labor Direct materials inventory, January 1 Direct materials inventory, December 31 Direct motoni Direct Distribution Distribution costs Distre Finished goods inventory, January 1 Finished goods inventory, December 31 Indirect labor. T T Insurance (on manufacturing plant) Insurance Legal fees materials purchased during the year Maintenance (on the manufacturing plant) Manufacturing plant utiities M M Marketing costs Other manufacturing plant costs. Sales revenue Taxes (on manufacturing plant and property) Work-in-process inventory, January 1 Work-in-process inventory, December 31 Required: a. Prepare a cost of goods manufactured and sold statement. b. Prepare an income statement. COGM and COGS Stmts Income Stmt $ 2,640,000 1,157,000 1,765,000 4,707,500 Prepare a cost of goods manufactured and sold statement. 1,084, 200 are 1,250,000 1674000 8,971,000 Complete this question by entering your answers in the tabs below. 672,000 cr5 000 1,657,000 ,057,000 1,384,500 FEZ 200 557,000 2202000 68,200 200400 511, 300 220 00 230,400 70000 799, 100 764 250 764,250 GA5 200 645,880 22,669,920 230, 600 418,250 411,700 Beginning work-in-process, January 1 Manufacturing costs: Direct materials: KOUFAX MATERIALS CORP. Cost of Goods Manufactured and Sold Statement For the Year Ending December 31 Beginning direct materials inventory, January 1 Add: Direct materials purchased Direct materials purchased Less: Ending direct materials inventory, December 31 Materials used Direct labor Manufacturing overhead: Depreciation on the manufacturing plant Indirect manufacturing labor Insurance on manufacturing plant Maintenance on the manufacturing plant Manufacturing plant utilities Other manufacturing plant costs Taxes on manufacturing plant and property Total overhead Total manufacturing costs Total cost of work-in-process during the year Less: Ending work in process, December 31 Costs of goods manufactured this year Add: Beginning finished goods, January 1 Cost of goods available for sale $ wwwwwwww 1,084,200 8,971,000 0 Total overhead Total manufacturing costs Total cost of work-in-process during the year Less: Ending work in process, December 31 Costs of goods manufactured this year Add: Beginning finished goods, January 1 Cost of goods available for sale Less: Ending finished goods, December 31 Cost of goods sold (to income statement) COGM and COGS Stmts Income Stmt > 0 Sales revenue Less: Cost of goods sold Gross margin Administrative salaries Depreciation on the administrative building Distribution costs Legal fees Marketing costs Total operating costs KOUFAX MATERIALS CORP. Income Statement For the Year Ending December 31 Operating loss