Consider the following information for Fair Wind Yachts Inc., a manufacturer of sailboat rigging, blocks, and cordage. Advertising expenses $ 158,000 Depreciation expense-administrative office 78,200 Depreciation expense-plant and equipment 328,000 Depreciation expense-delivery trucks 50,600 Materials inventory, beginning 24,000 Direct materials purchases Materials inventory, ending Direct labor 30,000 450,000 544,000 Indirect labor 285,000 Finished goods inventory, beginning 56,600 Finished goods inventory, ending 46,200 Insurance on plant Heat and light for plant 36,800 25,200 Repairs on plant building 40,000 Supervisor's salary-plant 100,400 Supplies-plant 133,600 Supplies-administrative office 80,400 Work-in-process inventory, beginning 35,000 Work-in-process inventory, ending 42,200 Sales representatives' salaries 329,000 Sales revenue 3,051,000 Required: Prepare a statement of cost of goods manufactured and an income statement for Fair Wind Yachts for the year ended December 31.