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 $ 2,625,000 1,142,000 1,750,000 4,692,500 Direct materials inventory, January 1 1,069,200 Direct materials inventory, December 31 1,235,000 Direct materials purchased during the year 8,956,000 Distribution costs 657,000 Finished goods inventory, January 1 1,642,000 Finished goods inventory, December 31, 1,369,500 Indirect labor 542,000 Insurance (on manufacturing plant) 53,200 Legal fees 496,300 Maintenance (on the manufacturing plant) 215,400 Manufacturing plant utiities 784,100 Marketing costs 749,250 Other manufacturing plant costs 630,880 Sales revenue 22,654,920 Taxes (on manufacturing plant and property) 215,600 403,250 396,700. Work-in-process inventory, January 11 Work-in-process inventory, December 31 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