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 $20,500 of indirect material) $ 25,200 36,600 111,400 $ 276,400 23,500 40,800 121,700 305,300 Note: The pre-determined overhead rate is 0.86 (86%) of direct labor cost. Required: 1. Prepare a Cost of Goods Manufactured report. 2. Prepare a Partial Income Statement if sales revenue was $1,360,000 and operating expenses were $265,000 for 2018. Required 1 Required 2 Prepare a cost of Goods Manufactured report. $ 36,600 40,800 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 276,400 111,400 121,700 Required 1 Required 2 Prepare a Partial Income Statement if sales revenue was $1,360,000 and operating expenses were $265,000 for 2018. DAVENPORT COMPANY Income Statement For the Year 2018 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