Poor Vibrations, Inc., produces recordings of musical performance. A newly hired executive of the company has asked you to sort through the records and prepare a statement of the company's cost of goods manufactured. You find the following data from records prepared by Poor Vibrations, Inc., for the year ended December 31, 2019: Inventories: Beginning Direct Materials Inventory, January 1, 2019 $10,000 $19,000 Ending Direct Materials Inventory, December 31, 2019 Beginning Work in Process Inventory, January 1, 2019 Ending Work in Process Inventory, December 31, 2019 $18,600 $18,100 $37,000 Beginning Finished Goods Inventory, January 1, 2019 Ending Finished Goods Inventory, December 31, 2019 $9,000 Materials $90,000 Purchases Direct Labor $72,000 Indirect Labor $28,400 Factory Utilities $13,000 Expense Factory Supplies $9,200 Expense Depreciation Expense-- $26,000 Factory Building Depreciation Expense-- $18,600 Factory Equipment Other Manufacturing $47,000 Overhead You also learn that sales for 2019 were $560,000, selling expenses were $92,000, and administrative expenses were $140,000. A. Prepare a statement of cost of goods manufactured for Poor Vibrations for the year ended December 31, 2019. B. Ignoring income taxes for simplicity purposes, prepare an income statement for Poor Vibrations for the years ended December 31, 2019. Peor Vibrations, Inc. Statement of Cost of Goods Manufactured For the Year Ended December 31, 2019 Direct Materials Materials inventory. Jan. Materials purchases Materials available Les Materials inventory Dec 31 Direct materials used Direct Laber Manufacturing Overhead: Indirect labor Factory utilities expense Factory supplies expense Depreciation expose--factory building Depreciation expensfactory equipment Other manufacturing overhead Total manufacturing overhead Cost to manufacture Work in process inventory. Jan. Work in process inventory, Dec. 31 Cost of goods manufactured Poor Vibrations, Inc. Income Statement For the Year Ended December 31, 2019 Sales Cost of goods sold Finished ponds inventory. Jan. 1 Cost of goods manufactured Cost of goods available for sale Less: Finished goods inventory, Dec. 31 Cost of goods sold Gross Margin Operating expenses Selling expen Administrative expenses Total operating expenses Income from operations (Net income