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 $18,508 of indirect material) $ 24,800 36,200 111,000 $ 276,000 23,100 40,600 121,300 384,900 Note: The pre-determined overhead rate is 0.82 (82%) of direct labor cost. Required: 1. Prepare a Cost of Goods Manufactured report. 2. Prepare a Partial Income Statement if sales revenue was $1,320,000 and operating expenses were $245,000 for 2018. Required 1 Required 2 . Prepare a Cost of Goods Manufactured report. DAVENPORT COMPANY Cost of Goods Manufactured Report For the Year 2018 $ X 36,200 18,500 X 40,600 X 40,600 x $ 282,000 Beginning Raw Materials Inventory Less: Raw Material Purchases Less: Indirect Material Used Plus: 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 276,000 18,500 X 576,500 $ 111,000 121,300 $ 566,200 X Required 1 Required 2 > Required 1 Required 2 ded Prepare a Partial Income Statement if sales revenue was $1,320,000 and operating expenses were $24 DAVENPORT COMPANY Income Statement For the Year 2018 1,320,000 X 24,800 566,200 X 591,000 $ Sales Revenue Less Cost of Goods Sold Beginning Finished Goods Inventory Less 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 23,100 567,900 % 752.100 245,000 507,100