Exercise 1 Following information is available for the Chance Corporation for April 2019: Purchases of direct materials Indirect labor Direct labor Depreciation on machinery Sales Selling and administrative expenses Rent on factory building $ 54,000 15,000 31.200 9,000 165,900 18.900 21,000 Direct materials Work in process Finished goods Inventories April 1, 2019 April 31, 2019 $24,000 $26.100 6,300 9,600 15,000 17,100 Required: b. Prepare an income statement for the month of April