Outdoor Home is a manufacturer of backyard and deck furniture. Its products are in high demand and it carries no inventory. Following is a list of selected account balances from its trial balance for the most recent year ended December 31 (in no particular order.) (Click the icon to view the December 31 account balances.) Read the requirements. Requirement 1, 2, 3, and 4. To solve for the amounts required, prepare the income statement for Outdoor Home for the year ended December 31. Outdoor Home Income Statement For the Year Ended December 31 Less: Less: December 31 Account Balances $ 35,000 $ 11,500 ... $ 21,500 Salaries and wages (for administrative and sales staff)... Stain (used in manufacturing furniture)... Indirect labor costs (wages of maintenance workers in factory) Other manufacturing overhead (includes factory insurance and property taxes). Rent and utilities (for administrative offices).. Utility costs (related to factory) Labor costs (wages of carpenters who build furniture)... Accounts receivable Marketing costs.. Wood (used in manufacturing furniture).. $ 9,600 $ 11,600 $ 10,900 $ 34,500 . $ 26,600 $ 16,500 .$ 59,500 $ 260,000 $ 7,200 Sales revenues. Accounts payable December 31 Account Balances $ 35,000 $ 11,500 $ 21,500 Salaries and wages (for administrative and sales staff). Stain (used in manufacturing furniture). Indirect labor costs (wages of maintenance workers in factory) .......... Other manufacturing overhead (includes factory insurance and property taxes).... Rent and utilities (for administrative offices).. Utility costs (related to factory) Labor costs (wages of carpenters who build furniture).... $ 9,600 $ 11,600 $ 10,900 $ 34,500 $ 26,600 $ 16,500 Accounts receivable Marketing costs.... Wood (used in manufacturing furniture)... Sales revenues. Accounts payable $ 59,500 $ 260,000 $ 7,200 Print Done Requirements Using the income statement accounts in the table, calculate: 1. Cost of goods sold. Hint: Cost of goods sold can be calculated by summing the total product costs since there is no inventory. 2. Operating expenses. Hint: Operating expenses are the company's period costs. 3. Gross profit 4. Operating income