Santos Company is a manufacturing firm that has the following inventory balances: The following transactions were recorded for the year: a. Raw materials contain both direct and indirect materials. $416,000 raw materials were purchased. b. Direct material used in production, $370,000; indirect materials used, $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 $1,416,000 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