Menaga Company reports the following information pertaining to its operating activities: During the year, the company purchased $175,000 of direct materials and incurred $45,000 of direct labor costs. Total manufacturing 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. Required: a. Prepare Menaga's schedule of the cost of finished goods manufactured. b. Prepare Menaga's income statement (ignore income taxes). Complete this question by entering your answers in the tabs below. Prepare Menaga's schedule of the cost of finished goods manufactured