furniture. Its products are in high demand and it carries no inventory. Following is a list of selected account balances from its trial balance balance December 31 Account Balances required 33,500 S 10,500 31 21,500 Salaries and wages (for administrative and sales staff) $ Stain (used in manufacturing furniture). Indirect labor costs (wages of maintenance workers in factory) ......... $ Other manufacturing overhead (includes factory insurance and property taxes) S Rent and utilities (for administrative offices). Utility costs (related to factory) $ Labor costs (wages of carpenters who build furniture). $ 10,000 S 11.600 11.000 36,000 Accounts receivable S 26.700 S 16.800 Marketing costs Wood (used in manufacturing furniture). 60.500 Sales revenues. $ 260,000 Accounts payable $ 6.400 Print Done ads and then continue to the next question Outdoor Life is a manufacturer of backyard and deck furniture. Its products are in high demand and it carries no inventory. Foll December 31 (in no particular order) Click the icon to view the December 31 account balances.) Read the requirements Un Fleup ries no inventory. Following is a list of selected account balances from its trial balance for the most recent year ended 3124 (This is the real exam that counts UI a y 22 of 23 (0 complete furniture. Its products are in high demand and it carries no inventory. Following is a list of selected account balance balances) er 31 Requirements Using the income statement accounts in the table, calculate; 1. Cost of goods sold. Hint Cost of goods sold can be calculated by summing the total product costs since there is no inventory. 2. Operating expenses. Hint: Operating expenses are the company's period costs 3. Gross profit 4. Operating income Print Done at fields and then continue to the next question Re December 31 Account Balances Less UIT Less: III Choose from any list or enter any number in the input fields and then continue t