The Carlina Company preares mber for companies who manufacture funiture. The main product is finished lumber with a byproduct shavings. The byproduct is sold to plywood manufacturers. For Juty, te manufacturing process incurred $332,000 in total costs. Eighty thousand board feet of kumber were produced and sold along with 6,800 pounds of shavings. The finished lumber sold for $8.00 per board foot and the shavings sold for $0.80 a pound. There were no beginning or ending inventories Prepare an income statement showing the byproduct (1) as a cost reduction during production, and (2) as a revenue item when sold. af wood Cont redwctinn Revemue when sold when produced Salex. Lumber Shavings Tofil Sales Cost of Foud Sold: Total manufacturing Byprodact Total COGS Prass Mayn