Menaga Company reports the following information pertaining to its operating activities: During the year, the company purchased $175,000 of direct materiaks and incurred $45,000 of direct labor costs. Total mamufacturing overhead costs for the year amounted to $65,000. Selling and administrative expenses amounted to $160,000, and the company's annual sales amounted to $500,000. A Prepare Menaga's schedule of the cost of finished goods manufactured: Cost of finished goods manufactured 5 type your answer... B. Prepare Menaga's income statement (ignore income taxes). MENAGA COMPANY Income Statament For the Year Ended December 31 Sales Cost of goods sold Gross profit on sales tess: 5 elling and administrative expenses Net income \begin{tabular}{|c|c|} \hline$ & type your answer. \\ \hline & type your answer- \\ \hlines & type your answer. \\ \hline & type your answer. \\ \hline \end{tabular}