es Required information [The following information applies to the questions displayed below.] The following data refer to Twisto Pretzel Company for the year 20x1. Work-in-process inventory, 12/31/x0 Selling and administrative salaries Insurance on factory and equipment Work-in-process inventory, 12/31/x1 Finished-goods inventory, 12/31/x0 Cash balance, 12/31/x1 Indirect material used Depreciation on factory equipment Raw-material inventory, 12/31/x0 Property taxes on factory $ 7,900 13,600 3,600 8,300 14,000 7,000 4,900 2,100 10,100 2,400 Finished-goods inventory, 12/31/x1 15,300 Purchases of raw material in 20x1 39,000 Utilities for factory 6,000 Utilities for sales and administrative offices 2,300 Other selling and administrative expenses 3,600 Indirect-labor cost incurred 29,000 Depreciation on factory building 3,800 Depreciation on cars used by sales personnel 1,200 Direct-labor cost incurred 79,000 Raw-material inventory, 12/31/x1 11,000 Accounts receivable, 12/31/x1 4,100 Rental for warehouse space to store raw material 3,000 Rental of space for company president's office Applied manufacturing overhead. Sales revenue Income tax expense 1,500 58,000 205,800 5,100 9 f3 ok ht nces Required information Direct material: Raw-material inventory, 12/31/x0 Add: Purchases of raw material Raw material available for use Less: Raw-material inventory, 12/31/x1 Raw material used Direct labor Manufacturing overhead: Insurance Indirect material Depreciation on factory equipment Property taxes Indirect labor Depreciation on factory building Rental of warehouse space Utilities Total actual manufacturing overhead Add: Overapplied overhead Overhead applied to work in process Total manufacturing costs Add: Work-in-process inventory, 12/31/x0 Subtotal $ 0 $ Depreciation on cars used by sales personnel Direct-labor cost incurred Raw-material inventory, 12/31/x1 Accounts receivable, 12/31/x1 Rental for warehouse space to store raw material Rental of space for company president's office Applied manufacturing overhead Sales revenue Income tax expense 1,200 79,000 11,000 4,100 3,000 1,500 58,000 205,800 5,100 Help Sav 2. Prepare the company's schedule of cost of goods sold for 20x1. The company closes overapplied or underapplied overhead into Cost of Goods Sold. TWISTO PRETZEL COMPANY Schedule of Cost of Goods Sold For the Year Ended December 31, 20X1 Finished-goods inventory, 12/31/x0 Cost of goods available for sale Cost of goods sold Adjusted cost of goods sold ces 3. Prepare the company's income statement for 20x1. TWISTO PRETZEL COMPANY Income Statement For the Year Ended December 31, 20X1 Selling and administrative expenses: Total