E2-10 (Algo) Preparing Cost of Goods Manufactured and Income Statement [LO 2-6) Manufacturing costs for Davenport Company during 2018 were as follows: Beginning Finished Goods, 1/1/18 Beginning Raw Materials, 1/1/18 Beginning Work in Process, 1/1/18 Direct Labor for 2018 Ending Finished Goods, 12/31/18 Ending Raw Materials, 12/31/18 Ending Work in Process, 12/31/18 Material Purchases for 2018 (including $18,508 of indirect material) $ 24,800 36,200 111,000 $ 276,000 23,100 40,600 121,300 384,900 Note: The pre-determined overhead rate is 0.82 (82%) of direct labor cost. Required: 1. Prepare a Cost of Goods Manufactured report, 2. Prepare a Partial Income Statement of sales revenue was $1,320,000 and operating expenses were $245,000 for 2018. Prepare a Cost of Goods Manufactured report. DAVENPORT COMPANY Cost of Goods Manufactured Report For the Year 2018 Direct Materials Used in Production Total Current Manufacturing Costs Cost of Goods Manufactured Required 1 Required 2 Prepare a Partial Income Statement if sales revenue was $1,320,000 and operating expenses were $245,000 for 2018. DAVENPORT COMPANY Income Statement For the Year 2018 Less Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods Sold Net Income from Operations