Sunland Limited is a company that produces machinery to customer orders, using a normal job-order cost system. It applies manufacturing overhead to production using a predetermined rate. This overhead rate is set at the beginning of each scal year by forecasting the year's overhead and relating it to direct labour costs. The budget for 2022 was as follows: Direct labour $1,809,000 Manufacturing overhead 904,500 As at the end of the year, two jobs were incomplete. These were 17688, with total direct labour charges of $110,800, and 1819C, with total direct labour charges of $390,800. Machine hours were 287 hours for 1768B and 647 hours for 1819C. Direct materials issued for 1768B amounted to $222,000, and for 1819C they amounted to $421,000. Total charges to the Manufacturing Overhead Control account for the year were $898,000, and direct labour charges made to all jobs amounted to $1,576,400, representing 247,300 direct labour hours. There were no beginning inventories. In addition to the ending work in processjust described, the ending nished goods inventory account showed a balance of $558,160. Sales for the year amounted to $6,205,300: cost of goods sold totalled $3,628,040: and sales, general, and administrative expenses were $185 1,500. The above amounts for inventories and the cost of goods sold have not been adjusted for any over-or under-application of manufacturing overhead to production. It is the company's practice to allocate any over-or under-applied overhead to inventories and the cost of goods sold. \f(b) V Your answer is correct. Prorate the amount calculated in part (a) based on the ending balances {before proratingl of Work in Process, Finished Goods, and Cost of Goods Sold. [Round allocation percentage to 2 decimal places, e.g. 15.25% and nal answers to the nearest whole dollar, e.g. 5,275.} Allocation Cost of goods sold Finished goods inventory Total $ toeaoe i (C) Prepare an income statementfor the company for the year. The'mcome tax rate 'Is 40%.(Round answers to the nearest whole dollar, e.g. 5,275.] SUNLANDLIMITED Income Statement For the Year Ended 2022 $ Sales 1|- Less : Adjusted cost of goods sold 1 1! Less i : 1b Net income before taxes 1b Taxes 1b 69 Net income / {Loss} Prepare an income statement for the company for the year. The income tax rate is 40%. {Round answers to the nearest whole dollar, e.3. 5,275.] SUNLANDLIMITED Income Statement For the Year Ended 2022 i ii Beginning balance, January 1 Operating expenses Net income before taxes Gross profit l {Loss} 4b Ending balance, December 31 Sales Taxes Adjusted cost of goods sold v' Net income 1' {Less} $