Income Statement Kelly Metal Products Corporation sold 40,000 units of product for $44 each during 2016. During the year, 20,000 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 $64,000 Cost of materials purchased 420,000 Cost of material available 484,000 Less: Ending materials Inventory 44,000 Total materials used 440,000 Less: Indirect material used 26,000 Direct materials used $414,000 Direct labor 270,000 Manufacturing overhead Indirect material 26,000 Indirect labor 50,000 Factory supplies used 24,000 Factory depreciation 156,000 Factory repairs and maintenance 56,000 Total manufacturing overhead 312,000 Total manufacturing costs for the year 996,000 Add: Beginning work in process inventory 68,000 Total cost of work in process during the year 1,064,000 Less: Ending work in process inventory 90,000 Cost of goods manufactured 974,000 Add: Beginning finished goods inventory 42,000 Cost of goods available for sale 1,016,000 Less: Ending finished goods inventory 36,000 Cost of goods sold $980,000 Selling expenses (total) $126,000 Non-factory administrative expenses (total) 114,000 Prepare an income statement for the year (ignore income taxes). Calculate earnings per share. Do not use negative signs with answers. Round earnings per share to two decimal places. Kelly Metal Products Corporation Income Statement For the Year Ended December 31, 2016 Gross profit on sales Operating expenses: Earnings per share of common stock