Inventories January 1 December 31 Materials $346,000 $436,600 Work in process 625,200 590,200 Finished goods 608,400 573,500 December 31 Advertising expense $ 294,800 Depreciation expense-office equipment 43,920 43,920 Depreciation expense-factory equipment 55,720 Direct labor 668,800 Heat, light, and power-factory 22,280 Indirect labor 77,250 Materials purchased 659,000 Office salaries expense 185,100 15,300 Property taxes-factory Property taxes-office building 33,000 Rent expense-factory 32,700 Sales 3,014,000 Sales salaries expense 419,000 Supplies-factory 15,000 Miscellaneous costs-factory 9,100 Required: a. Prepare the 20Y8 statement of cost of goods manufactured. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. b. Prepare the 20Y8 income statement. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. Labels For the Year Ended December 31, 20Y8 For the Month Ended December 31, 20Y8 Amount Descriptions Advertising expense Cost of direct materials used in production Cost of finished goods available for sale Cost of goods manufactured Cost of goods sold Cost of materials available for use Depreciation expense-factory equipment Depreciation expense-office equipment Direct labor Finished goods inventory, December 31, 20Y8 Finished goods inventory, January 1, 20Y8 Gross profit Heat, light, and power-factory Indirect labor Materials inventory, December 31, 20Y8 Materials inventory, January 1, 20Y8 Miscellaneous costs-factory Net income Office salaries expense Purchases Property taxes-factory Property taxes-office building Property taxes-office building Rent expense-factory Supplies-factory Sales Sales salaries expense Total manufacturing costs incurred in 20Y8 Total factory overhead Total manufacturing costs Total operating expenses Work in process inventory, December 31, 20Y8 Work in process inventory, January 1, 2048 Robstown Corporation Score: 6/192 Statement of Cost of Goods Manufactured (Label) 1 2 Direct materials: 3 4 5 6 7 Cost of direct materials used in production 8 9 Factory overhead: 10 11 12 13 14 15 16 17 18 19 20 21 b. Prepare the 20Y8 income statement. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. Question not attempted. Robstown Corporation Score: 0/150 Income Statement (Label) 1 2 Cost of goods sold: 3 4 5 6 7 9 Operating expenses: 10 Administrative expenses: 12 13 Selling expenses 15 16 17 18