Part One: In 2018, Patricia Peterson opened Patricia's Posies, a small retail shop selling floral arrangements. (Click the icon to view the records.) Read the requirement (Part One). Part Two: Patricia's Posies was so successful that Patricia decided to manufacture her own brand of floral supplies: Floral Town 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. Patricia's Posies Calculation of Cost of Goods Sold For the Year Ended December 31, 2019 Plus: Less: Now prepare an income statement for Patricia's Posies, a merchandiser, for the year ended December 31, 2019. Patricia's Posies Income Statement For the Year Ended December 31, 2019 Less: Less: Part Two: Requirement 1. Calculate the Cost of Goods Manufactured for Floral Town Manufacturing for the year ended December 31, 2020. Begin by calculating the direct materials used during the year. Floral Town Manufacturing Calculation of Direct Materials Used For the Year Ended December 31, 2020 Plus: Less: Calculate the Cost of Goods Manufactured for Floral Town Manufacturing for the year ended December 31, 2020. (For accounts with a $0 balance, make sure to enter "0" in the appropriate cell.) Floral Town Manufacturing Calculation of Cost of Goods Manufactured For the Year Ended December 31, 2020 Plus: Less: Requirement 2. Prepare an income statement for Floral Town Manufacturing for the year ended December 31, 2020. Begin by calculating the cost of goods sold for the year. (For accounts with a $0 balance, make sure to enter "0" in the appropriate cell.) Floral Town Manufacturing Requirement 2. Prepare an income statement for Floral Town Manufacturing for the year ended December 31, 2020. Begin by calculating the cost of goods sold for the year. (For accounts with a $0 balance, make sure to enter "0" in the appropriate cell.) Floral Town Manufacturing Calculation of Cost of Goods Sold For the Year Ended December 31, 2020 Plus: Less: Prepare an income statement for Floral Town Manufacturing for the year ended December 31, 2020. Floral Town Manufacturing Income Statement For the Year Ended December 31, 2020 Less: Less: Requirement 3. How does the format of the income statement for Floral Town Manufacturing differ from the income statement of Patricia's Posies? A manufacturer's cost of goods sold is based on its Part Three: In contrast, a merchandiser's cost of goods sold is based on its Requirement 1. Show the ending inventories that would appear on the balance sheet of Patricia's Posies at December 31, 2019. (If an input field is not used in the statement leave the input field empty, do not select a label or enter a zero.) Less: Less: FUI UIC Ital Crutu DELENLINEI 31, 2020 Requirement 3. How does the format of the income statement for Floral Town Manufacturing differ from the income statement of Patricia's Posies? A manufacturer's cost of goods sold is based on its In contrast, a merchandiser's cost of goods sold is based on its Part Three: Requirement 1. Show the ending inventories that would appear on the balance sheet of Patricia's Posies at December 31, 2019. (If an input field is not used in the statement leave the input field empty, do not select a label or enter a zero.) Patricia's Posies Balance Sheet (Partial) December 31, 2019 Requirement 2. Show the ending inventories that would appear on the balance sheet of Floral Town Manufacturing at December 31, 2020. Floral Town Manufacturing Balance Sheet (Partial) December 31, 2020 Data table - Data table On December 31, 2019, her accounting records show the following: At the end of December 2020, her accounting records show the following: Sales revenue.. $ 57,000 Utilities for plant.... $ 4,200 Utilities for shop... $ 1,200 Delivery expense.. $ 3,500 Inventory on December 31, 2019 .... $ 9,600 Sales salaries expense.... $ 4,900 Inventory on January 1, 2019. ....... $ 12,300 Plant janitorial services...... $ 950 Rent for shop... $ 4,400 a $0 balance, make sure to enter Work in process inventory, December 31, 2020...... $ 2,500 Sales commisions.... $ 4,400 Finished goods inventory, December 31, 2019. $ 0 Purchases of merchandise.. $ 37,500 Finished goods inventory, December 31, 2020. Sales revenue.. $ 6,500 $ 101,000 Customer service hotline expense.. $ 1,800 Print Done Direct labor.... $ 20,000 Direct material purchases.. $ 39,000 Rent on manufacturing plant.... $ 9,400 Raw materials inventory, December 31, 2019....... $ 19,000 More info Raw materials inventory, December 31, 2020..... $ 11,000 Work in process inventory, December 31, 2019. ... .. $ 0 1. Patricia's Posies at December 31, 2019 2. Floral Town Manufacturing at December 31, 2020 Print Done Print Done