E2-1B. Schedule of Cost of Goods Manufactured and Sold At December 31, 2016, the end of its fiscal Lo3 year, Kelly Metal Products Corporation collected the following data for 2016: Materials inventory, January 1 Materials inventory, December 31. Work in process inventory, January 1 ....$ 32,000 22,000 Finished goods inventory, January 1. Finished goods inventory, December 31 . . . . . . . . . . . . . . . . . Net delivered cost of materials purchased. 34,000 45,000 21,000 18,000 210,000 135,000 13,000 25,000 12,000 78,000 28,000 63,000 Direct labor. . . . . Indirect material Indirect labor Factory depreciation .. . Factory repairs and maintenance.... Selling expenses (total).. Non-factory administrative expenses (total 57,000 Required Prepare a schedule of cost of goods manufactured and sold for Kelly Metal Products Corporation for the year ended December 31, 2016, assuming that there were no other manufacturing overhead it than those listed above. ems E2-2B. Income Statement Kelly Metal Products Corporation (se E2-1B) sold 20.000 units of product for Los $35 each during 2016. During the year, 10,000 shares of common stock were outstanding. Prepare an income statement for the year (ignore income taxes)