The following data appeared in Moline Company's records on December 31: $535,500 Direct Materials Inventory, Dec. 31 Direct Materials purchased during the year Finished Goods Inventory, Dec. 31 Indirect labor 2,268,000 Direct labor 567,000 201,600 2,520,000 234,360 396,900 323,820 200,970 Factory heat, light, and power Factory depreciation Administrative salaries Miscellaneous factory cost Marketing costs Other administrative costs Maintenance on factory equipment Insurance on factory equipment Distribution costs Taxes on manufacturing property Legal fees on customer complaint Direct materials put into production Work-in-process inventory, Dec. 31 233,100 113,400 76,230 119,700 10,080 82,530 51,660 2,407,230 154,980 On January 1 the Finished Goods Inventory account had a balance of $280,000, and the Work in process inventory account had a balance of $90,650. Sales revenue for the year was $6,687,500 Required: Prepare a cost of goods sold statement and an income statement