Labels and Amount Descriptions Labels For the Year Ended December 31, 20 Y8 For the Month Ended December 31, 20 Y8 Amount Descriptions Advertising expense Cost of direct materials used in production Cost of finished goods available for sale Cost of goods manufactured Cost of goods sold Cost of materials available for use Depreciation expense-factory equipment Depreciation expense-office equipment Direct labor Finished goods inventory, December 31, 20 Y 8 Finished goods inventory, January 1, 20 Y8 Gross profit Heat, light, and power-factory Indirect labor Materials inventory, December 31, \\( 20 \\mathrm{Y} 8 \\) Materials inventory, January 1, 20 Y8 Miscellaneous costs-factory Net income Otfice salaries expense Office salaries expense Purchases Property taxes-factory Property taxes-office building Rent expense-tactory Supplies-factory Sales Sales salaries expense Total manufacturing costs incurred in \\( 20 \\mathrm{Y} 8 \\) Total factory overhead Total manufacturing costs Total operating expenses Work in process inventory, December 31,20 Y8 Work in process inventory, January 1, 20 Y8 a. Prepare the 20 Y statement of cost of goods manufactured Be sure to complete the statement heading. Aelet fo the list of Label's and Amount Descriphons provided for the exact. b. Prepare the 20rs income statement. Be sure to complete the statement heading. Roter to the list of Labels and Amount Descripoions provided tor the exact wording of the answer choices for text entries. Enter amounts as positve numbers unless the amount is a calculation that resuls in a negatve amount For example: Not loss should bo negative. Expenses should be positve