Given the information which is summarized below for Smith LLC, prepare

The years Statement of Cost of Goods Manufactured, and

The years Income Statement.

Inventories January 1 December 31

Materials $59,500 $73,500

Work in Process 84,000 73,500

Finished Goods 87,000 77,000

Advertising expense $ 52,500

Depreciation expenseoffice equipment 17,500

Depreciation expensefactory equipment 11,200

Direct labor 143,500

Heat, light, powerfactory 4,500

Indirect labor 18,200

Materials purchased 95,000

Office salaries expense 59,500

Property taxesfactory 3,150

Property taxesheadquarters building 10,500

Rent expensefactory 5,250

Sales 665,000

Sales salaries expense 105,000

Suppliesfactory 2,500

Miscellaneous expensesfactory 3,400