Consider the following information for Fair Wind Yachts Inc., a manufacturer of sailboat rigging, blocks, and cordage. Advertising expenses Depreciation expense-administrative office Depreciation expense-plant and equipment Depreciation expense-delivery trucks Materials inventory, beginning Materials inventory, ending Direct materials purchases Direct labor Indirect labor Finished goods inventory, beginning Finished goods inventory, ending Insurance on plant Heat and light for plant Repairs on plant building Supervisor's salary-plant Supplies-plant Supplies-administrative office Work-in-process inventory, beginning Work-in-process inventory, ending Sales representatives' salaries Sales revenue 150,000 75,000 320,000 45,000 16,000 18,000 410,000 512,000 269,000 55,000 43,000 32,000 22,000 36,000 98,000 132,000 78,000 31,000 39,000 325,000 2,885,000 Required: Prepare a statement of cost of goods manufactured and an income statement for Fair Wind Yachts for the year ended December 31. Fair Wind Yachts Statement of Cost of Goods Manufactured For the Year Ended December 31 Direct materials $ Beginning materials inventory Materials purchases Materials available Less: Ending materials inventory Direct materials used 16,000 410,000 426,000 (18,000) $ 408,000 512,000 Direct labor Factory overhead $ Indirect labor Insurance on plant Heat and light for plant Repairs on plant building Supervisor's salary plant Depreciation expense plant and equipment Suppliesplant 269,000 32,000 22,000 36,000 98,000 320,000 132,000 Total factory overhead Total manufacturing costs to account for Add: Beginning work-in-process inventory Total manufacturing costs Less: Beginning work-in-process inventory Cost of goods manufactured Fair Wind Yachts Income Statement For the Year Ended December 31 Cost of goods sold Total goods available for sale Cost of goods sold Total selling & administrative expenses