Income Statement Kelly Metal Products Corporation sold 20,000 units of product for $35 each during 2016. During the year, 10,000 shares of common stock were outstanding. Prepare an income statement for the year (ignore income taxes). 11 12 16 17 21 22 Kelly Metal Products Corporation Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31, 2016 Direct material Finish atte Beginning materials inventory $32,000 Cost of materials purchased 210,000 Time left 2: Less: Ending materials Inventory Total materials used Less: Indirect material used 22,000 220,000 13,000 $156,000 Direct labor 135,000 Manufacturing overhead 13,000 25,000 12,000 78,000 28,000 Indirect material Indirect labor Factory supplies used Factory depreciation Factory repairs and maintenance Total manufacturing overhead 156,000