Problem 15-5a: Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company Obj. 3 The following information is available for Robstown Corporation for 2018: Inventories December 31 $ 31,700 Materials Work in process Finished goods January 1 $ 44,250 63,900 101,200 80,000 99,800 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-office building Rent expense-factory Sales Sales salaries expense Supplies-factory Miscellaneous costs-factory $ 400,000 30,000 80,000 1,100,000 53,300 115,000 556,600 318,000 40,000 25,000 27,000 3,850,000 200,000 9,500 11,400 USING THE EXCEL TEMPLATE PROVIDE BY YOUR PROFESSOR: 1. Prepare the 20Y8 statement of cost of goods manufactured. 2. Prepare the 20Y8 income statement To check your work you can compare your Cost of goods manufactured to the correct answer: $1,989,250 Robstown Corporation Statement of Cost of Goods Manufactured For the Year Ended December 31, 20Y8 Work in process inventory, January 1, 2048 Direct materials: Cost of direct materials used in production Direct labor Factory overhead: Total factory overhead Total manufacturing costs incurred during the year Total manufacturing costs Cost of goods manufactured Robstown Corporation Income Statement For the Year Ended December 31, 2048 Sales Cost of goods sold: Cost of finished goods available for sale Cost of goods sold Gross profit Operating expenses: Administrative expenses: Selling expenses: Total operating expenses Net income