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 $ 150,500 75,20e 320,500 45,350 16,50e 18,75e 412,500 514,000 270,000 55,100 43,200 32,300 22,200 36,250 98,150 132,100 78,150 31,250 39,200 325,25e 2,895,000 Required: Prepare a statement of cost of goods manufactured and an income statement for Fair Wind Yachts for the year ended December 31 Complete this question by entering your answers in the tabs below. Stmt of COGM Income Statement Prepare an income statement for Fair Wind Yachts for the year ended December 31. $ 2,895,000 Fair Wind Yachts Income Statement For the Year Ended December 31 Sales revenue Cost of goods sold Cost of goods manufactured 1,827,800 Beginning finished goods inventory 55,100 Total goods available for sale Cost of goods sold Total selling & administrative expenses