Manufacturing costs for Davenport Company during 2018 were as follows: Beginning Finished Goods, 1/1/18 Beginning Raw Materials, 1/1/18 Beginning Work in Process, 1/1/18 Direct Labor for 2018 Ending Finished Goods, 12/31/18 Ending Raw Materials, 12/31/18 Ending Work in Process, 12/31/18 Material Purchases for 2018 (including $20,000 of indirect material) $ 25, 100 36,500 111,300 $ 276,300 23,400 40,750 121,600 305,200 Note: The pre-determined overhead rate is 0.85 (85%) of direct labor cost. Required: 1. Prepare a Cost of Goods Manufactured report. 2. Prepare a Partial Income Statement if sales revenue was $1,350,000 and operating expenses were $260,000 for 2018. Required 1 Required 2 Prepare a Cost of Goods Manufactured report. $ DAVENPORT COMPANY Cost of Goods Manufactured Report For the Year 2018 Beginning Raw Materials Inventory Plus: Raw Material Purchases Less: Indirect Material Used Less: Ending Raw Materials Inventory Direct Materials Used in Production Direct Labor Applied Manufacturing Overhead Total Current Manufacturing Costs Plus: Beginning Work in Process Inventory Less: Ending Work in Process Inventory Cost of Goods Manufactured 36,500 305,200 (20,000) (40,750) 280,950 276,300 $ 111,300 121,600 Required 1 Required 2 Prepare a Partial Income Statement if sales revenue was $1,350,000 and operating expenses were $260,000 for 2018. DAVENPORT COMPANY Income Statement For the Year 2018 Less: Cost of Goods Sold Cost of Goods Available for Sale Cost of Goods Sold Net Income from Operations