Part Two: Patsy's Posies was so successful that Patsy decided to manufacture her own brand of floral supplies: Floral City Manufacturing. At the end of December 2017, her accounting records show the following: Utilities for plant.... $ 4,900 Delivery expense ...... $ 1,500 Sales salaries expense.. 4,300 Plant janitorial services ... $ 1,350 Work in process inventory, December 31, 2017 ...... $ 5,000 Finished goods inventory, December 31, 2016. 0 Finished goods inventory, December 31, 2017 $ 2,500 Sales revenue ... $104,000 Customer service hotline expense ... $ 1,400 Direct labor .. $ 23,000 Direct material purchases.. $ 30,000 Rent on manufacturing plant ... $ 9,600 Raw materials inventory, December 31, 2016 $ 14,000 Raw materials inventory, December 31, 2017 .. $ 8,000 Work in process inventory, December 31, 2016. 0 Requirements 1. Calculate the Cost of Goods Manufactured for Floral City Manufacturing for the year ended December 31, 2017. 2. Prepare an income statement for Floral City Manufacturing for the year ended December 31, 2017. 3. How does the format of the income statement for Floral City Manufacturing differ from the income statement of Patsy's Posies? Part Three: Show the ending inventories that would appear on these balance sheets: 1. Patsy's Posies at December 31, 2016 2. Floral City Manufacturing at December 31, 2017