Santos Company is a manufacturing firm that has the following inventory balances: Raw materials Work-in-Process Finished goods 1/1/20x1 12/31/20x1 14,000 $3,000 56,000 27,000 42,000 The following transactions were recorded for the year: a. Raw materials were purchased, $416,000. b. Direct materials used in production, $380,000; indirect materials, $40,000. c. The following employee costs were incurred: direct labor, $414,000; indirect labor, $60,000; and administrative salaries, $212,000 d. Selling costs, $140,000. e. Factory utility costs, $20,000. 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 $1,420,000 Required: 1. Prepare the schedule of cost of goods manufactured 2. Prepare the income statement. 3. How would ending inventories be presented in which financial statement and for what amount