Inventories January 1 December 31 Materials $349,000 $435,600 Work in process 630,200 593,000 Finished goods 606,400 570,000 December 31 Advertising expense $294,400 Depreciation expense-office equipment 42,480 Depreciation expense-factory equipment 55,700 Direct labor 668,400 Heat, light, and power-factory 22,240 Indirect labor 76,250 Materials purchased 659,000 Office salaries expense 183,700 Property taxes-factory 17,400 Property taxes-office building 32,200 Rent expense-factory 32,300 Sales 3.008.000 Instructions Indirect labor 76,250 Materials purchased 659,000 Office salaries expense 183,700 Property taxes-factory 17,400 Property taxes-office building 32,200 Rent expense-factory 32,300 Sales 3,008,000 Sales salaries expense 416,000 Supplies-factory 15,200 Miscellaneous costs-factory 10,000 Required: a. Prepare the 20Y8 statement of cost of goods manufactured. Be sure to complete the statement heading. Re Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you 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 am for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amou a negative amount. For example: Net loss should be negative. Expenses should be positive. Statement of Cost of Goods Manufactured a. Prepare the 2018 statement of cost of goods manufactured. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions p answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. 1 Work in process inventory, January 1, 2018 2 Direct materials: 3 Materials inventory, January 1, 2018 Robstown Corporation Statement of Cost of Goods Manufactured For the Year Ended December 31, 2018 I $349,000.00 A Purchases 5 Cost of materials available for use 7 Materials inventory, December 31, 2018 Cost of direct materials used in production Direct labor $630,200.00 Instructions Indirect labor Statement of Cost of Goods Manufactured 8 Direct labor 9 Factory overhead: 10 Indirect labor 11 Depreciation expense-factory equipment 12 Rent expense-factory 13 Heat, light, and power-factory 14 Property taxes-factory 15 Supplies-factory 16 Miscellaneous costs-factory 17 Total factory overhead 18 Total manufacturing costs incurred in 20Y8 19 Total manufacturing costs 20 Work in process inventory, December 31, 20Y8 21 Cost of goods manufactured 76,250 I Income Statement b. Prepare the 20Y8 income statement. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for th entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be nega 1 Sales 2 Cost of goods sold: 3 Finished goods inventory, January 1, 20Y8 4 Cost of goods manufactured 5 Cost of finished goods available for sale 6 Finished goods inventory, December 31, 2018 7 Cost of goods sold 8 Gross profit Robstown Corporation Income Statement For the Year Ended December 31, 2018 Instructions Indirect labor Statement of Cost of Goods Manufactured Income Statement 6 Finished goods inventory, December 31, 2018 7 Cost of goods sold 8 Gross profit 9 Operating expenses: 10 Administrative expenses: 11 Office salaries expense 12 Depreciation expense-office equipment 13 Property taxes-office building 14 Selling expenses: 15 Sales salaries expense 16 Advertising expense 17 Total operating expenses 18 Net income 76,250 I