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 $ 2,637,000 1,154,000 1,762,000 4,784,500 1,881,200 1, 247,900 8,968,000 669,000 1,654,000 1,381,500 554,000 65,200 508,300 227,400 796,199 761,250 642,880 22,666,92e 227,600 415,250 408,700 Required: a. Prepare a cost of goods manufactured and sold statement b. Prepare an income statement. Complete this question by entering your answers in the tabs below. COGM and COGS Stmts Income Stmt Prepare a cost of goods manufactured and sold statement. KOUFAX MATERIALS CORP. sured and Sold Statement COGM and COGS Stmts Income Stmt Prepare a cost of goods manufactured and sold statement. KOUFAX MATERIALS CORP. Cost of Goods Manufactured and Sold Statement For the Year Ending December 31 Manufacturing costs Direct materials Manufacturing overhead: 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 Cont of goods sold to income statement)