Problem 3-56 (Algo) Cost of Goods Manufactured; Income Statement [LO 3-4) Consider the following information for Huntersville Incorporated for the fiscal year ended December 31. Depreciation expense-administrative office $ 32,700 Depreciation expense-plant and equipment 87,000 Direct labor-wages 495,300 Materials Inventory, December 31 27,500 Materials Inventory, January 1 20,000 Direct materials purchases 160,000 Finished goods inventory, December 31 24,400 Finished goods inventory, January 1 15, 200 Heat, light, and power-plant 44,600 Indirect labor 25,400 Property taxes-plant 34,500 Sales representatives' salaries 146,000 Sales revenue 1,504,000 Factory supervisor's salary 66,300 Supplies-administrative office 16,400 Supplies-plant 29, 200 Work-in-process inventory, December 31 9,400 Work-in-process inventory, January 1 23,500 Required: Prepare a statement of cost of goods manufactured and an income statement for Huntersville for the year ended December 31. Stmt of COGM Income Statement Prepare a statement of cost of goods manufactured for Huntersville for the year ended December 31. Huntersville, Inc Statement of Cost of Goods Manufactured For the Year Ended December 31 Direct materials Materials available Direct materials used Factory overhead Total factory overhead Total manufacturing costs Total manufacturing costs to account for Cost of goods manufactured Stmt of COGM Income Statement Prepare an income statement for Huntersville for the year ended December 31. Huntersville, Inc. Income Statement For the Year Ended December 31 Cost of goods sold Cost of goods available for sale Cost of goods sold Total selling & administrative expenses