The following information is available for Flint Company. 2017 January 1, 2017 $26,060 17,570 27,830 December 31, 2017 $31,290 20,730 25,510 Raw materials inventory Work in process inventory Finished goods inventory Materials purchased Direct labor Manufacturing overhead Sales revenue $152,260 223,710 181,550 901,720 Compute cost of goods manufactured. Flint Company Cost of Goods Manufactured Schedule Work-in-Process, 1/1 17,570 Direct Materials Raw Materials Inventory, 1/1 26,060 Materials Purchased 152,260 Materials Available for Use 178,320 Less 4 : Raw Materials Inventory, 12/31 - $31,290 Direct Materials Used 147,030 Direct Labor 223,710 Manufacturing Overhead 181,550 Total Manufacturing Costs 552,290 Total Cost of Work-in-Process 569,860 Less Work-in-process, 12/31 20,730 Cost of Goods Manufactured 549,130 Prepare an income statement through gross profit. FLINT COMPANY Income Statement (Partial) For the Month Ended December 31, 2017 - Sales Revenue 901,720 Cost of Goods Sold Finished Goods Inventory , 1/1 27,830 Cost of Goods Manufactured 549,130 Cost of Goods Available for Sale 576,960 Less Finished Goods Inventory , 12/31 25,510 Cost of Goods Sold 551,450 Gross Profit 350,270 Show the presentation of the ending inventories on the December 31, 2017, balance sheet. FLINT COMPANY (Partial) Balance Sheet