Ginocera inc. is a designer, manufacturer, and distributor of low-cost, high-quality stainless steel kitchen knives. A new kitchen knife series called the Kitche Ninja was released for production in early 20Y8. In January, the company spent $600,000 to develop a late-night advertising infornercial for the new produc During 20Y8, the company spent $1,400,000 advertising the product through these infomercials. In addition, the company incurred 5800,000 in legal costs. The knives were ready for manufacture on January 1,20Y8. Ginocera uses a job order cost system to accumulate costs associated with the kitchen knife. The unit direct materials cht for the knife is as follows: The production process is straightforward. First, the hardened steel blanks, which are purchased directly from a raw material supplier, are starnped irto a single piece of metal that includes both the blade and the shaft. The stamping machine requires one hour per 250 knives. After the knife shafts are stamped, they are brought to an assembly area where an employee attaches the handle to the shaft and packs the knife in a decorative box. The direct labor cost is $0.50 per unit. The knives are sold to stores. Each store is given promotional maleriais such as posters and aisle displays. Promotional materials cost se0.00 per store. In addition, shipping costs average $020 per knife. Total completed production was 1,200,000 units during the year. Other intormation is as follows: Factory overhead cost is applied to jobs at the rate of $800 per stamping machine hour after the knife blanks are stamped. There were an additional 25,000 stamped knives, handles, and cases waiting to be assembled on December 31, 20Y8. 1. Prepere an annual income statement for the Kitchen Ninja knife series, including supporting calculations, from the information provided. Be. Required: sure to complete the statement heading. Refer to the list of Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entres. Enter amounts as positive numbers unless the amount is a caiculation that results in a negative amount. For exampie Net loss ahould be negative Expenses should be positive. 2 Determine the balances in the wark in process and finiahed goods inventones for the Kichen Nirja knife series on December 31, 20Y8." -in your computations, if required, round interim per-unit costs to two decimal places. 1. Prepere an annual incame statement for the Kitchen Ninja knite series, uncluding supporting calculations, from the information provided. Be sure to complefe the sfatement heading. Refer to the iist of Accounts, Labels and Amount Descriptions provided for the oxact warding of the answer choices far text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount For example: Net lass should be negatival Expenses should be positive. In your computations, if required, round interim per-unit costs to rwo decimal places. 2. Determine the balances in the work in process and finished goods inventories for the Kitchen Ninja knife series on December 31, 20Y8. In your computations, if required, round interim per-unit costs to two decimal places. Finished Goods Work in Process Ginocera inc. is a designer, manufacturer, and distributor of low-cost, high-quality stainless steel kitchen knives. A new kitchen knife series called the Kitche Ninja was released for production in early 20Y8. In January, the company spent $600,000 to develop a late-night advertising infornercial for the new produc During 20Y8, the company spent $1,400,000 advertising the product through these infomercials. In addition, the company incurred 5800,000 in legal costs. The knives were ready for manufacture on January 1,20Y8. Ginocera uses a job order cost system to accumulate costs associated with the kitchen knife. The unit direct materials cht for the knife is as follows: The production process is straightforward. First, the hardened steel blanks, which are purchased directly from a raw material supplier, are starnped irto a single piece of metal that includes both the blade and the shaft. The stamping machine requires one hour per 250 knives. After the knife shafts are stamped, they are brought to an assembly area where an employee attaches the handle to the shaft and packs the knife in a decorative box. The direct labor cost is $0.50 per unit. The knives are sold to stores. Each store is given promotional maleriais such as posters and aisle displays. Promotional materials cost se0.00 per store. In addition, shipping costs average $020 per knife. Total completed production was 1,200,000 units during the year. Other intormation is as follows: Factory overhead cost is applied to jobs at the rate of $800 per stamping machine hour after the knife blanks are stamped. There were an additional 25,000 stamped knives, handles, and cases waiting to be assembled on December 31, 20Y8. 1. Prepere an annual income statement for the Kitchen Ninja knife series, including supporting calculations, from the information provided. Be. Required: sure to complete the statement heading. Refer to the list of Accounts, Labels and Amount Descriptions provided for the exact wording of the answer choices for text entres. Enter amounts as positive numbers unless the amount is a caiculation that results in a negative amount. For exampie Net loss ahould be negative Expenses should be positive. 2 Determine the balances in the wark in process and finiahed goods inventones for the Kichen Nirja knife series on December 31, 20Y8." -in your computations, if required, round interim per-unit costs to two decimal places. 1. Prepere an annual incame statement for the Kitchen Ninja knite series, uncluding supporting calculations, from the information provided. Be sure to complefe the sfatement heading. Refer to the iist of Accounts, Labels and Amount Descriptions provided for the oxact warding of the answer choices far text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount For example: Net lass should be negatival Expenses should be positive. In your computations, if required, round interim per-unit costs to rwo decimal places. 2. Determine the balances in the work in process and finished goods inventories for the Kitchen Ninja knife series on December 31, 20Y8. In your computations, if required, round interim per-unit costs to two decimal places. Finished Goods Work in Process