Required: Using the accompanying templates provided on the right, prepare (a) the company's schedule of cost of goods manufactured for the year ended December 31; then (b) prepare the company's income statement that reports separate categories for selling and general and administrative expenses.

Required: Using the accompanying templates provided on the right, prepare (a) the company's schedule of cost of goods manufactured for the year ended December 31; then (6) prepare the company's income statement that reports separate categories for selling and general and administrative expenses. [Hint: refer to the textbook's demonstration problem on pages 553554 as an example for this lab.] 12/31 Balance $157,500 47,900 32,750 19,475 29,600 317,450 34,100 74,000 57,750 32,600 18,000 15,300 82,750 Accounts Administrative salaries expense Depreciation expense-Factory equipment Depreciation expense-Delivery vehicles Depreciation expense-Office equipment Advertising expense Direct labor Factory supplies use Income taxes expense Indirect labor Indirect material Factory insurance Factory utilities Factory maintenance Inventories: Raw materials inventory, January 1 Raw materials inventory, December 31 Work in Process inventory, January 1 Work in Process inventory, December 31 Finished goods inventory, January 1 Finished goods inventory, December 31 Raw materials purchases Rent expense-Factory Rent expense-Office space Rent expense-Selling Space Sales salaries expense Sales Sales discounts 24,500 29,750 66,275 59,825 104,200 94,500 341,580 48,000 36,000 18,000 115,750 1,682,400 33,600 Remember to use cell references and formulas in the solution templates. List all factory overhead costs individually in the Cost of Goods Manufactured Schedule. A. Prepare the Schedule of Cost of Goods Manufactured Damon Manufacturing Company Schedule of Cost of Goods Manufactured For Year Ended December 31 Cost of goods manufactured B. Prepare the Income Statement Damon Manufacturing Company Income Statement For Year Ended December 31 Net income