Information about Mobile Enterprises for the year ending December 31, 2016, is as follows: Sales $300,000 Selling and administrative expenses 18,000 Net income 8,000 Beginning inventories: Direct materials 20,000 Work in process 18,000 Finished goods 62,000 Ending direct materials is 20 percent larger than beginning direct materials. Ending work in process is half of the beginning work in process. Ending finished goods increased by $8,000 during the year. Prime costs and conversion costs arc 70 percent and 60 percent of total manufacturing costs added, respectively. Materials purchases are $113, 200. Required: a. Prepare a statement of cost of goods manufactured. b. Prepare an income statement. Note: Find the numbers for the income statement first