Please keep the same format as shown in the blank question that I need to answer so that it is easy to follow

Koufax Materials Corporation produces plastic products for home appliances and electronics. The financial department has produced the following information for the year ended December 31. Administrative salaries Depreciation on the administrative building Depreciation on the manufacturing plant Direct labor Direct materials inventory, January 1 Direct materials inventory, December 31 Direct materials purchased during the year Distribution costs Finished goods inventory, January 1 Finished goods inventory, December 31 Indirect labor Insurance (on manufacturing plant) Legal fees Maintenance on the manufacturing plant) Manufacturing plant utiities Marketing costs Other manufacturing plant costs Sales revenue Taxes (on manufacturing plant and property) Work-in-process inventory, January 1 Work-in-process inventory, December 31 $ 2,634,000 1,151,000 1,759,000 4,701,500 1,078, 200 1,244,000 8,965,000 666,000 1,651,000 1,378,500 551,000 62,200 505,300 224,400 793,100 758, 250 639,880 22,663,920 224,600 412,250 405, 700 Required: a. Prepare a cost of goods manufactured and sold statement. b. Prepare an income statement. Complete this question by entering your answers in the tabs below. COGM and COGS Stmts Income Stmt Prepare a cost of goods manufactured and sold statement. KOUFAX MATERIALS CORP. Cost of Goods Manufactured and Sold Statement For the Year Ending December 31 Prepare a cost of goods manufactured and sold statement. KOUFAX MATERIALS CORP. Cost of Goods Manufactured and Sold Statement For the Year Ending December 31 Beginning work-in-process, January 1 Manufacturing costs: Direct materials: Manufacturing overhead: 0 Total overhead Total manufacturing costs Total cost of work-in-process during the year Less: Ending work in process, December 31 Costs of goods manufactured this year Add: Beginning finished goods, January 1 Cost of goods available for sale Less: Ending finished goods, December 31 Cost of goods sold (to income statement) COGM and COGS Stmts Income Stmt> Work-in-process inventory, January 1 Work-in-process inventory, December 31 412,250 405, 700 Required: a. Prepare a cost of goods manufactured and sold statement. b. Prepare an income statement. Complete this question by entering your answers in the tabs below. COGM and COGS Stmts Income Stmt Prepare an income statement. (Loss amounts should be indicated with a minus sign.) KOUFAX MATERIALS CORP. Income Statement For the Year Ending December 31 Total operating costs 0