Part One: In 2015, Patty Smith opened Patty's Posies, a small retail shop selling floral arrangements (Click the icon to view the records.) Read the requirement (Part One) Part Two: Patty's Posies was so successful that Patty decided to manufacture her own brand of floral supplies: Floral Place Manufacturing (Click the icon to view the records.) Read the requirements (Part Two). Part Three: Show the ending inventories that would appear on these balance sheets: (Click the icon to view additional information.) Part One: Begin by calculating the cost of goods sold for the year. Patty's Posies Calculation of Cost of Goods Sold For the Year Ended December 31, 2016 Plus: Less: x Data Table $ On December 31, 2016, her accounting records show the following: Sales revenue $ 52,000 Utilities for shop $ 1,900 Inventory on December 31, 2016 .. $ 10,000 Inventory on January 1, 2016 $ 12,600 Rent for shop. $ 3,600 Sales commisions $ 4,700 Purchases of merchandise $ 36,500 Print Done Data Table At the end of December 2017, her accounting records show the following: 4,700 3,500 4,000 $ $ 1,750 $ $ $ Utilities for plant Delivery expense. Sales salaries expense. Plant janitorial services. Work in process inventory, December 31, 2017 Finished goods inventory, December 31, 2016 Finished goods inventory, December 31, 2017 Sales revenue. Customer service hotline expense Direct labor Direct material purchases Rent on manufacturing plant Raw materials inventory, December 31, 2016 Raw materials inventory, December 31, 2017 Work in process inventory, December 31, 2016. $ 2,000 0 7,000 109,000 1,500 22,000 33,000 $ CA CA $ 8,600 16,000 6,500 $ $ 0 Print Done x Requirements (Part Two) - X Requirement (Part One) Prepare an income statement for Patty's Posies, a merchandiser, for the year ended December 31, 2016. 1. Calculate the cost of Goods Manufactured for Floral Place Manufacturing for the year ended December 31, 2017 2. Prepare an income statement for Floral Place Manufacturing for the year ended December 31, 2017 3. How does the format of the income statement for Floral Place Manufacturing differ from the income statement of Patty's Posies? Print Done Less: Print Done