Income Statement, Cost of Goods Manufactured Spencer Company produced 200,000 cases of sports drinks during the past calendar year. Each case of 1-liter bottles sells for $36. Spencer had 2,500 cases of sports drinks in finished goods inventory at the beginning of the year At the end of the year, there were 11,500 cases of sports drinks in finished goods inventory. Spencer's accounting records provide the following information: $2,340,000 290,000 116,000 1,100,000 334,000 525.000 Purchases of direct materials Direct materials inventory, January 1 Direct materials inventory, December 31 Direct labor Indirect labor Depreciation, factory building Depreciation, factory equipment *) Property taxes on factory Utilities, factory Insurance on factory Salary, sales supervisor Commissions, salespersons Advertising 416.000 65,000 150.000 200.000 85.000 214,000 500,000 390.000 General administration 440,000 750.000 Work-in-process inventory, January 1 Work-in-process inventory. December 31 Finished goods inventory. January 1 Finished goods inventory. December 31 Required: 107.500 488.750 1. Prepare a cost of goods manufactured statement. 2,511,000 Spencer Company Statement of Cost of Goods Manufactured For the Year Ended December 31 Direct materials: Beginning inventory 290,000 Add: Purchases 2,340,000 Materials available $ 2,630,000 Less: Ending inventory 116,000 Direct materials used in production S Direct labor Manufacturing overhead: Indirect labor S 331,000 Depreciation, factory building 525,000 Depreciation, factory equipment 116.000 Property taxes on factory 65.000 Utilities, factory 150.000 Insurance on factory 200.000 Total manufacturing costs added Adde Beginning work in process Less: Ending work in process 1,100,000 1.690.000 S 5,301.000 H0.000 750.000 Cost of goods manufactured 1.99 1.000 2. Compute the cost of producing one case of sports drink last vean required, round your answer to the nearest cent, 2. Compute the cost of producing one case of sports drink last year. If required, round your answer to the nearest cent. per case 3. Prepare an income statement on an absorption-costing basis. Show the percentage of sales that each line item represents. Round the percent to four decimal places before converting to a percentage. For example, .86349 would be rounded to .8835 and entered as 88.35. Spencer Company Income Statement: Absorption Costing For the Year Ended December 31 Percent Cast of goods sold: Less: Operating expenses