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Prepare an income statement. (Loss amounts should be indicated with a minus sign.) KOUFAX MATERIALS CORP. Income Statement For the Year Ending December 31 Total operating costs 0 KOUFAX MATERIALS CORP. Cost of Goods Manufactured and Sold Statement For the Year Ending December 31 Manufacturing costs Direct materials: Manufacturing overhead: 0 Total overhead Total manufacturing costs Total cost of work in process during the year Costs of goods manufactured this year Cost of goods available for sale Cost of goods sold to income statement) Koufax Materials Corporation produces plastic products for home appliances and electronics. The financial department has produced the following information for the year ended December 31. Administrative salaries Depreciation on the administrative building Depreciation on the manufacturing plant Direct labor Direct materials inventory, January 1 Direct materials inventory, December 31 Direct materials purchased during the year Distribution costs Finished goods inventory, January 1 Finished goods inventory, December 31 Indirect labor Insurance (on manufacturing plant) Legal fees Maintenance on the manufacturing plant) Manufacturing plant utiities Marketing costs Other manufacturing plant costs Sales revenue Taxes (on manufacturing plant and property) Work-in-process inventory, January 1 Work-in-process inventory, December 31 $ 2,625,000 1,142,000 1,750,000 4,692,500 1,069,200 1,235,000 8,956,000 657,000 1,642,000 1,369,500 542,000 53,200 496,300 215,400 784,100 749, 250 630,880 22,654,920 215,600 403, 250 396,700 Required: a. Prepare a cost of goods manufactured and sold statement. b. Prepare an income statement