The following calendar year-end information is taken from the December 31, 2011, adjusted trial balance Problem 18-BA and other records of Plaza Company, Manufacturing and income statements; inventory analysis P2 Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories Raw materials, December 31, 2010 Raw materials. December 31, 2011 Goods in process, December 31, 2010 Goods in process, December 31, 2011 Finished goods, December 31, 2010 Finished goods. December 31, 2011, $ 30,750 9.250 10.600 35.550 104.600 9,350 35.000 Direct labor Income tax payable Indirect labor Miscellaneous production costs Office salaries expense. Raw materials purchases Rent expense-Office space Rent expense Selling space Rent expense --Factory building Maintenance expense-Factory equipment Sales Sales discounts Sales salaries expense *. $ 677.480 235.725 58.875 10.425 65,000 927.000 24.000 28.100 78.800 37.400 4.527,000 64.500 394.560 168.850 184,000 17.700 21.380 169.350 138.490 Check Cost of goods Required 1. Prepare the company's 2011 manufacturing statement. 2. Prepare the company's 2011 income statement that reports separate categories for (a) selling expenses manufactured 51.000.00 and (b) general and administrative expenses. Analysis Component 3. Compute the (a) inventory turnover defined as cost of goods sold divided by average inventory, and (b) days' sales in inventory, defined as 365 times ending inventory divided by cost of goods sold, for both its raw materials inventory and its finished goods inventory. (To compute turnover and days' sales in inventory for raw materials, use raw materials used rather than cost of goods sold.) Discuss some possible reasons for differences between these ratios for the two types of inventories. Round answers to one decimal place