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 $ 13,110 Work-in-process inventory, December 31 28,300 Finished goods inventory, January 1 113,230 Finished goods inventory, December 31 84,720 Direct materials inventory, January 1 3,600 Direct materials inventory, December 31 2,710 Direct materials purchased 184,410 Direct labor 139,080 Plant depreciation 19,160 Salary, production supervisor 46,910 Indirect labor 68,240 Utilities, factory 15,980 Sales commissions 41,670 Salary, sales supervisor 74,610 Depreciation, factory equipment 31,630 Administrative expenses 168,170 Supplies (40% used in the factory, 60% used in the sales office) 18,450 Advertising expense 43,490 Last year, Orman produced 88,770 units and sold 90,830 units at $10.50 per unit. Required: 1. Prepare a statement of cost of goods manufactured. Orman Company Statement of Cost of Goods Manufactured For Last Year Direct materials: Beginning inventory Direct materials used in production $ Manufacturing overhead: $ 01010 Total manufacturing costs added $ Cost of goods manufactured 2. Prepare an absorption-costing income statement. Orman Company Income Statement: Absorption Costing For Last Year $ Cost of goods sold: $ bini $ Less operating expenses: $