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 con 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 $ 2,626,000 1,143,000 1,751,000 4,693,500 1,070,200 1,236,000 8,957,000 658,000 1,643,000 1,370,500 543,000 54,200 497,300 216,400 785,100 750,250 631,880 22,655,920 216,600 404,250 397,700 Required: a. Prepare a cost of goods manufactured and sold statement. b. Prepare an income statement