Part1 (10 marks) Jax company produces chemical used in food preservatives. For 2021, the company has provided the following information. Inventories: Work in process (January 1) $13,250 Work in process (December 31) $13,250 Finished Good (January 1) (24000 units) $170,000 Finished Goods (December 31) (12000 units) $85,000 Direct material (January 1) $15,600 Direct material (December 31) $14,000 Direct Material used Production supervisor salary Factory equipment depreciation Direct labor Plant depreciation Indirect labor Factory utilities Sales commission Sales supervisor salary Administration expenses Supplies (50% factory, remaining office) Jax produces 100,000 units in 2021 and sold 127,000 priced at $6 per unit. Required: (1) Prepare a statement of cost of goods manufactured. (2) Prepare an income statement $120,000 $72,000 $9,500 $45,000 $36,000 $5,700 $66,000 $40,000 $25,000 $52,000 $4,000