The following data pertain to Spartan Products Company: Sales Revenue Direct materials inventory, Jan 1, 2004 Direct labor-Wages Depreciation expense-Plant and equipment Indirect labor-Wages Heat, Light, and power - Plant Supervisor's salary-Plant Finished goods inventory, Jan 1, 2004 Work in Process inventory, Dec, 31, 2004 Supplies-Administrative office Property taxes-Plant Finished goods inventory, Dec 31, 2004 Direct materials inventory, Dec 31, 2004 Sales representative's salaries Work in Process inventory, Jan, 1, 2004 Direct materials purchases Supplies-Plant Depreciation-Administrative office 1,000,000 20,000 350,000 80,000 5,000 12,000 40,000 35,000 25,000 6,000 13,000 40,000 30,000 190,000 35,000 100,000 4,000 30,000 Required Prepare a statement of cost of goods manufactured and an income statement for Spartan Products Company for the year ended December 31, 2004