Omni, Inc., produces and sells wireless reading devices. A competitor, Nille Electronic Products, sells similar wireless reading devices that it purchases at wholesale from Sandisk for $103 each. Both sell the devices for $180. In 20x9 Omni produced 10.000 devices at the following costs: (Click the icon to view Omni's costs.) Assume that Omni had no beginning inventory of direct materials. Neither company had any beginning inventory of finished devices, but both had ending inventory of 1,500 finished devices. Ending work-in-process inventory for Omni was negligible. Each company sold 8,500 devices for $1,530,000 in 20X9 and incurred the following selling and administrative costs: (Click the icon to view the selling and administrative costs.) Read the requirements. Data table Data table $ 580,000 Direct materials purchased Direct materials used $ 550,000 Sales salaries and commissions Depreciation on retail store Advertising $ 80,000 65,000 20,000 Direct labor 210,000 15,000 Other Indirect production: $ 180,000 Depreciation S 25,000 Total selling and administrative cost Indirect labor 55,000 190,000 270,000 Other $ 1,030,000 Total cost of production Requirements Print Done ts.) 1. Prepare the inventories section of the balance sheet for December 31, 20X9, for Nile. 2. Prepare the inventories section of the balance sheet for December 31, 20X9, for Omni. 3. Using the cost of goods sold format as a model, prepare an income statement for the year 20X9 for Nile. 4. Using the cost of goods sold format as a model, prepare an income statement for the year 20X9 for Omni. 5. Summarize the differences between the financial statements of Nile, a merchandiser, and Omni, a manufacturer. 6. What purpose of a cost management system is being served by reporting the items in requirements 1-4? Print Done