Question 1) Sip-Sip Company is a manufacturer of sports drinks. During the past calendar year, Sip- Si p Company produced 421,444 cases of 1-liter bottles of sports drinks. Sip-Sip sells each case of 1 liter bottles for $28.75. Sip-Sip's accountants provided the following information: Accounts Receivable Property taxes on factory Supplies Accounts Payable Direct materials inventory, Dec. 31 215,375 Unearned Revenue Direct labor Insurance on factory Accum. depr. factory equipment 416,000 Depreciation, headquarters Warehousing costs Finished goods inventory, Dec. 31 277,550 Work-in-process inventory, Jan. 1 S 394,500 Finished goods inventory, Jan. 1 $188,750 481,548 84,000 358,000 244,000 1,333,222 Work-in-process inventory, Dec. 31 540,000 2,547,000 200,000 101,010 Indirect labor 93,500 Prepaid Expenses 365,000 General administration 228,900 Common Stock 2,954,300 570,000 75,999 254,070 3,768,550 95,770 Purchases of direct materials Direct materials inventory, Jan. 1 Factory building Utilities, factory 251,735 Salary, sales supervisor 893,200 Advertising 127,000 Land Additional Info: At the beginning of the year, Sponeer had 34,550 cases of sports drinks in finished goods inventory. Sip-Sip Company uses straight-line depreciation. The factory building has an expected life of 40 years and a salvage value of $444,440. Sip-Sip's factory equipment has an expected life of 6 years and a salvage value of $20,000. The land was purchased 10 years ago and is expected to be used for a total of 50 years. The balance in accumulated depreciation - factory equipment is for the last 5 years to date. During the year, Sip-Sip paid dividends in the amount of $10,000. Sip-Sip Company pays their salespeople a base salary of $19,999 plus 2.91% of their individual sales. They currently have 9 salespeople and all nine generated the total sales for the company. Warehousing costs are related to the finished products and are stored at a separate facility At the end of the year, Sip-Sip's accountants determined that there were 43,330 cases of sports drinks in finished goods inventory. The accountants also determined that 33% of the supplies were used in the factory and 46% were used in the sales office Required (round all numbers to the nearest dolaf neded) 1) Prepare a cost of goods manufactured statement in good formm. 2) Prepare an income statement in good form