Good Vibrations. Inc. produces video tapes of musical performances. A newly hired executive of the company has asked you to sort through the cords and prepare a statement at the company's cost of goods manufactured you find the following data from records prepared by good vibrations inc. for the year ending December 31.

INVENTORIES:

beginning direct materials inventory January 1$6000ending direct materials inventory December 3110500beginning work in process inventory January 1 10000ending work in process inventory December 319500materials purchases50000direct labor 40000indirect labor15000factory utilities expense7000factory supplies expense5000depreciation expense - factory building 14000depreciation expense - factory equipment10500other manufacturing overhead25000

You also learn that beginning finished goods inventory on January 1, was $5000. Sales for the year were $400,000. Selling expenses were $ 50,000 and administrative expenses were $75000.

1. prepare a statement of cost of goods manufactured for Good Vibrations Inc. for the year ended December 31.
2. prepare an income statement for Good Vibrations Inc. for the year ended December 31.