Cost of Goods Manufactured, Income Statement Orman Company produces neon-colored covers for tablets (e.g., iPads). For last year, Orman reported the following: Work-in-process inventory, January 1 $ 13,380 Work-in-process inventory, December 31 28,370 Finished goods inventory, January 1 112,520 Finished goods inventory, December 31 85,300 Direct materials inventory, January 1 3,230 Direct materials tory, December 31 2,880 Direct materials purchased 183,990 Direct labor 138,550 Plant depreciation 19,910 46,630 Salary, production supervisor Indirect labor 68,320 Utilities, factory 15,720 Sales commissions 42,080 74,770 Salary, sales supervisor Depreciation, factory equipment 32,380 167,550 Administrative expenses Supplies (40% used in the factory, 60% used in the sales office) 17,730 Advertising expense 43,730 Last year, Orman produced 88,550 units and sold 90,810 units at $10.40 per unit. Required: Required: 1. Prepare a statement of cost of goods manufactured. Orman Company Statement of Cost of Goods Manufactured For Last Year Direct materials: Direct materials used in production Manufacturing overhead: 100 Quill Total manufacturing costs added Cost of goods manufactured 2. Prepare an absorption-costing income statement. Orman Company Income Statement: Absorption Costing For Last Year 64 Cost of goods sold: 69 $ Less operating expenses: $