Santos Company is a manufacturing firm that has the following inventory balances. 1/1/20x112/31/20x1 Raw materials $ 24,000 Work-in-Process 73,000 56,000 Finished goods 27.000 42.000 The following transactions were recorded for the year a. Raw materials were purchased, S416,000 b. Direct material used in production, $380,000 indirect materials used, S40,000 c The following employee costs were incurred direct labor, S414,000, indirect labor. $60,000, and administrative salaries, S212.000 d Selling costs, S141,000, e. Factory utility costs, 520,000 f Depreciation for the year was $81,000 of which 73,000 is related to factory operations and $8,000 is related to selling general and administrative activities g Sales for the year totaled S1,416,000 Required Data 1. Prepare the schedule of cost of goods manufactured 2. Prepare income statement 3. How would ending inventories be presented in which financial statement and for what amount