Exercise 3 Using the following information related to the activities performed by Beta Manufacturing in 2015 Inventories Work in process Materials Finished goods Beginning 8,800 6,800 14,500 Ending 9,000 9,500 8,300 Accounts payable Accounts receivable Advertising expense Depreciation of factory equipment Depreciation of office equipment Direct labor 15,900 22,500 15,200 12,300 8,500 124,000 8,800 97,000 13,800 32,800 6,350 4,850 12,000 6,800 850 98,500 Research and development expense12,500 858,000 13,900 547,000 scount on bond payable Income tax Indirect labor Interest expense Interest payable Lease of manufacturing equipment Own work capitalized Plant maintenance Prepaid lease expense Purchase of materials Retained earnings Sales commissions expense Sales revenue Required-Choosing only the appropriate data among those presented above: a) Prepare a statement of cost of goods manufactured for 2015 b) Prepare a statement of cost of goods sold for the same period. c) Prepare an income statement using the cost of goods sold format, clearly showing the gross margin from sales and the operating income d) Prepare an income statement using the value of production format, clearly showing the operating income