Income Statement Kelly Metal Products Corporation sold 30,000 units of product for $42 each during 2016. During the year, 15,000 shares of common stock were outstanding. Kelly Metal Products Corporation Schedule of Cost of Goods Manufactured and Sold For the Year Ended December 31,2016 Direct material: Beginning materials inventory $48,000 Cost of materials purchased 315,000 Cost of material available 363,000 Less: Ending materials Inventory 33,000 Total materials used 330,000 Less: Indirect material used 19,500 $310,500 202,500 Direct materials used Direct labor Manufacturing overhead Indirect material Indirect labor Factory supplies used 19,500 37,500 18,000 Factory depreciation 117,000 Factory repairs and maintenance 42,000 Total manufacturing overhead 234,000 Total manufacturing costs for the year 747,000 Add: Beginning work in process inventory 51,000 Total cost of work in process during the year 798,000 Less: Ending work in process inventory 67,500 Cost of goods manufactured 730,500 Add: Beginning finished goods inventory 31,500 Cost of goods available for sale 762,000 Less: Ending finished goods inventory 27,000 Cost of goods sold $735,000 Selling expenses (total) $94,500 Non-factory administrative expenses (total) 85,500