Fanzy's company accounting records for the most recent year show the following: Beginning of year End of year Raw materials inventory $29 000 $31 000 Insurance on plant $10 500 Work in process inventory 36 000 30 000 Depreciation/plant 13 000 Finished goods inventory 22 000 28 000 Repairs & maintenance/plant 4 000 Purchases of raw material 73 000 Marketing expenses 96 000 Direct labor 89 000 Administrative expenses 54 000 Indirect labor 42 000 REQUIRED: 1. Compute the cost of goods manufactured 2. Compute the cost of goods sold 3. Prepare the Fanzy's income statement for the year, assuming that the company sold 40 000 units of its products at a sales price of $15 each