Required information (The following information applies to the questions displayed below.) You have been asked by the CEO of Mountaineer Co. to assist in analyzing product costs. This analysis is used in internal decision making and in reporting to investors. The following Tableau Dashboard provides data needed for the analysis. Raw Materials Inventories Raw materials, beginning Raw materials purchases Raw materials used Raw materials, ending $0 $25,000 $50,000 $75,000 $100,000 $125,000 $150,000 $175,000 $200,000 Work in Process & Finished Goods Inventories Work in Process Finished Goods Rent expense. Factory $50,000 54,000 50,000 $40,000 43,000 Repairs expense - Factory $30,000 33,000 Factory supplies used (indirect materials) Factory utilities $20,000 $10,000 $0 Beginning Ending Beginning Ending Indirect labor Additional Data Accounts receivable, net Cash Direct labor $150,000 $350,000 $180,000 Sales and Select Expense Accounts Sales General & administrative expenses Selling expenses $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 + ableau Mountaineer Co. Schedule of Cost of Goods Manufactured For Year Ended December 31 $ 60,000 Direct materials Raw materials inventory, beginning Raw materials purchases Raw materials available for use Less: Raw materials inventory, ending Direct materials used 140,000 200,000 64,000 $ 136,000 180,000 Direct labor 45,000 9,500 Factory overhead Rent expense - Factory Factory utilities Repairs expense - Factory Indirect labor Factory supplies used (indirect materials) 11,500 38,000 14,000 118,000 434,000 Total factory overhead costs Total manufacturing costs Work in process inventory, beginning Total cost of work in process Less: Work in process inventory, ending Cost of goods manufactured 43,000 477,000 33,000 444,000 $ Compute cost of goods sold for the current year ended December 31. Note: use cost of goods manufactured calculated in part 1. Mountaineer Co. Computation of Cost of Goods Sold For Year Ended December 31 $ 50,000 Cost of goods sold Finished goods inventory, beginning Add: Cost of goods manufactured Goods available for sale Less: Finished goods inventory, ending Cost of goods sold 54,000 (54,000) $ Prepare an income statement for the company. Note: use cost of goods sold calculated in part 1. Mountaineer Co. Income Statement For Year Ended December 31 Cost of goods sold: Cost of goods available for sale 0 Cost of goods sold 0 Operating expenses: 0 Total operating expenses Net income $ 0