I. The following data (in thousands of dollars) have been taken from the accounting records of Larklin Corporation for the just completed year. Sales...... $820 0f 950 Purchases of raw materials $180 Direct labor.. Manufacturing overhead Administrative expenses $130 $200 $180 $140 Selling expenses Raw materials inventory, beginning Raw materials inventory, ending Work in process inventory, beginning Work in process inventory, ending Finished goods inventory, beginning Finished goods inventory, ending $60 $20 $50 $20 $110 $150 Required: Prepare a Cost of Goods Manufactured and Sold Statement. a. b. Prepare an Income Statement