E1-9B The following information is available for Collins Company. January 1, 2014 2014 December 31, 2014 Raw materials inventory $22,000 $30,000 Work in process inventory 20,300 17,200 Finished goods inventory 27,000 29,000 Materials purchased $170,000 Direct labor 200,000 Manufacturing overhead 183,000 Sales revenue 875,000 Instructions

(a) Compute cost of goods manufactured.?

(b) Make an income statement through gross profit?

(c) Show the presentation of the ending inventories on the December 31, 2014 balance sheet?

(d) How would the income statement and balance sheet of a merchandising company be different from Laurel's financial statements?