Namel From the selected account balances below for Maxwell Co., prepare a Schedule of Cost of Goods Manufactured and Income Statement as of December 31, 2019. 67,300 53,900 41,500 62,750 Cost of goods sold Finished goods inventory December 31, 2019 Gross profit Work in process inventory December 31, 2018 Work in process inventory December 31, 2019 Finished goods inventory December 31, 2018 Raw materials used Direct labor Total factory overhead Raw materials purchased Sales revenue Raw materials inventory December 31, 2019 Raw materials inventory December 31, 2018 Total manufacturing costs Cost of goods manufactured Raw materials available for use Total cost of work in process Cost of goods available for sale Advertising expense General and administrative expenses Net income 225,000 127,090 175,600 1,250,000 42,700 37,000 94,000 129,300 Excel Instructions: Input data into yellow cells. Use cell referencing of formulas for all cells. Cost of Goods Manufactured Direct materials: Raw materials inventory December 31, 2018 $ 37,000 Income Statement Cost of Goods sold: Income statement example from the textbook Exhibit 1814 The one you are required to create does not include: Operating expenses subheading Total operating expenses Income before income taxes Income tax expense ROCKY MOUNTAIN BIKES (Manufacturer) Income Statement For Year Ended December 31, 2019 $310,000 $ 11,200 170,500 181,700 10.300 Sales Cost of goods sold Finished goods inventory, Dec. 31, 2018 Cost of goods manufactured (from L Exhibit 18.13) Goods available for sale Less finished goods inventory, Dec. 31, 2019 Cost of goods sold Gross profit Operating expenses Selling expenses General and administrative expenses Total operating expenses Income before income taxes Income tax expense Net income 171,400 138,600 38,150 21,750 59.900 78,700 32,600 $ 46,100