Cost of Goods Sold, Income Statement Ellerson Company provided the following information for the last calendar year: Beginning inventory: During the year, direct materials purchases amounted to $280,000, direct labor cost was 5189,000 , and overhead cost was $520,000. During the year, 100,000 units were completed. Last calendar year, Ellerson recognized revenue of $1,318,000 and had selling and administrative expenses of $204,300. Required: 1. What is the cost of goods sold for last year? 5 2. Prepare an income statement for Ellerson for last year. 3. Ellerson's chief accountant believes that conducting trend analyses into the company's cost of goods sold and net income figures over the past 10 years would provide helpful decision-making insights. Identify the data analytic type (descriptive, diagnostic, predictive, or prescriptive) that would be represented by these analyses (see Exhibit 2.5 and Exhibit 2.6 for a review of data analytic types). These trend analyses represent data analytics because they provide patterns in the company's financial performance