QUESTION:2 Growly Inc. submits the following data: Direct Labor = $30,000 Gross profit is 22% Factory Overhead is applied at the rate of 160% of direct labor cost Year-B Year-A Finished Goods $15,000 $17,500 Work in Process 9,600 13,000 Materials 7,000 7,400 Material Expenses = $14,100 General and Administrative Expenses = $1% of Sales Salaries Expense is 5% of Gross Profit Sales for the month = $275,900 Required: Prepare an income statement for the year