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 $22,500 of indirect material) $ 25,600 37,000 111,800 $ 276,800 23,900 41,000 122,100 305,700 Note: The pre-determined overhead rate is 0.90 (90%) of direct labor cost. Required: 1. Prepare a Cost of Goods Manufactured report. 2. Prepare a Partial Income Statement if sales revenue was $1,400,000 and operating expenses were $285,000 for 2018. 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 $ 37,300 30,600 24,000 41,150 302,150 277,100 257,703 812,953 112,100 122,400 802,653 $ Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a Partial Income Statement if sales revenue was $1,400,000 and operating expenses were $285,000 for 2018. DAVENPORT COMPANY Income Statement For the Year 2018 $ 1,430,000 Sales Revenue Less: Cost of Goods Sold Beginning Finished Goods Inventory Plus: Costs of Goods Manufactured Cost of Goods Available for Sale Less: Ending Finished Goods Inventory Cost of Goods Sold Gross Profit Less: Operating (Period) Expenses Net Income from Operations 25,900 802,653 828,553 24,200 804,353 625,647 300,000 325,647