Cost and sales information for the most recent fiscal year are shown below: WALLACE RIVER COMPANY Cost and Sales Information For the Year Ended December 31 Purchases of raw materials Raw materials inventory, beginning Raw materials inventory, ending Depreciation, factory Insurance, factory Direct labour Maintenance, factory Administrative expense Sales Utilities, factory Supplies, factory Selling expense Advertising expense Indirect labour, factory Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending $ 93, 000 13,000 20,000 43, 800 5,000 63,000 30,000 71, 200 480,000 27,000 1,000 81, 200 21, 200 65,000 7,000 30,000 10,000 40,000 Required: 1. Prepare a schedule of cost of goods manufactured. 2. Prepare an income statement. X Answer is not complete. WALLACE RIVER COMPANY Income Statement For the Year Ended December 31 Sales $ 480,000 >$ 10,000 297,800 307,800 307,800 172,200 Cost of goods soldi Finished goods inventory, beginning Add: Cost of goods manufactured Goods available for sale Deduct: Finished goods inventory, ending Gross margin Selling and administrative expenses: Selling expense Administrative expense Selling expense Advertising expense Operating income (71,200) (81,200) (21,200) $ (173,600) $ (1,400)