Prepare an income statement on an absorption$-$costing basis. Show the percentage of sales that each line item represents. Round the percent to fou decimal places before converting to a percentage. For example, $.88349$ would be rounded to $\mathrm{.}8835$ and entered as $88\mathrm{.}35.$

Spencer Company

Income Statement: Absorption Costing

For the Year Ended December $31$

Income Statement, Cost of Goods Manufactured

Spencer Company produced $200,000$ cases of sports drinks during the past calendar year. Each case of $1-$liter bottles sells for $$36.$ Spencer had $2,500$ cas of sports drinks in finished goods inventory at the beginning of the year. At the end of the year, there were $11,500$ cases of sports drinks in finished goods inventory. Spencer's accounting records provide the following information:

$\backslash$table$[[$Purchases of direct materials,$$2,340,000$