Patricia's Posies was so successful that Patricia decided to manufacture her own brand of floral supplies: Floral Best Manufacturing. (Click the icon to view the records.) Read the requirements (Part Two). Data table At the end of December 2020, her accounting records show the following: Utilities for plant Delivery expense Sales salaries expense $ 4,500 4,000 . $ 5,000 Plant janitorial services . $ 1,850 Work in process inventory, December 31, 2020 ..... $ 2,500 Finished goods inventory, December 31, 2019 . $ 0 Finished goods inventory, December 31, 2020 ..... $ 4,500 Sales revenue $ 106,000 Customer service hotline expense . $ 1,000 Direct labor $ 28,000 Direct material purchases $ 39,000 Rent on manufacturing plant ... $ 8,600 Raw materials inventory, December 31, 2019 .... $ 10,000 Raw materials inventory, December 31, 2020 7,000 Work in process inventory, December 31, 2019 $ 0 - X Requirements (part two) 1. 2. 3. Calculate the Cost of Goods Manufactured for Floral Best Manufacturing for the year ended December 31, 2020. Prepare an income statement for Floral Best Manufacturing for the year ended December 31, 2020. How does the format of the income statement for Floral Best Manufacturing differ from the income statement of Patricia's Posies? er "0" Calculate the Cost of Goods Manufactured for Floral Best Manufacturing for the year ended December 31, 2020. (For accounts with a 50 balance, make sure to enter "0" in the appropriate cell) Floral Best Manufacturing Calculation of Cost of Goods Manufactured For the Year Ended December 31, 2020 Beginning work in process inventory Plus Manufacturing costs incurred Direct materials used Direct labor Manufacturing overhead Total manufacturing costs to account for Less Ending work in process inventory Cost of goods manufactured 42000 28000 Requirement 2. Prepare an income statement for Floral Best 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 Best Manufacturing Calculation of Cost of Goods Sold For the Year Ended December 31, 2020 Plus: Less: Prepare an income statement for Floral Best Manufacturing for the year ended December 31, 2020. Floral Best Manufacturing Income Statement For the Year Ended December 31, 2020 Less Loss Requirement 3. How does the format of the income statement for Floral Best Manufacturing differ from the income statement of Patricia's Posies? A manufacturer's cost of goods sold is based on its Part Three contrast, a merchandiser's cost of goods sold is based on s Requirement 1. Show the ending inventories that would appear on the balance sheet of Patricia's Posies at December 31, 2019 (f an input field is not used in the statement leave the input fald amply do not st Patricia's Posies Balance Sheet (Partial) December 31, 2019 Requirement 2. Show the ending inventories that would appear on the balance sheet of Floral Best Manufacturing at December 31, 2020 Floral Best Manufacturing Balance Sheet (Partial) Part Three Requirement 1. Show the ending inventories that would appear on the balance sheet of Patricia's Posies at December 31, 2013. of an input feid is not used in the statement leave the input field empty, do not selecta lube or entera) Patricia's Posies Balance Sheet (Partial) December 31, 2019 Requirement 2. Show the ending inventories that would appear on the balance sheet of Floral Best Manufacturing at December 31, 2020. Floral Best Manufacturing Balance Sheet (Partial) December 31, 2020