Koufax Materials Corporation produces plastic products for home appliances and electronics. The fir 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 $ 2,642,000 1, 159,000 1, 767,000 4,709,500 1,086, 200 1, 252,000 8,973,000 674,000 1,659,000 1,386,500 559,000 70,200 513, 300 232,400 801, 100 766, 250 647, 880 22,671, 920 232, 600 420, 250 413, 700 Required: a. Prepare a cost of goods manufactured and sold statement b. Prepare an income statement