The following information is available for Oriole Company. (Assume all raw materials used were direct materials.) 2022 December 31, 2022 January 1, 2022 $22,880 Raw materials inventory $26,400 16,280 19,520 Work in process inventory Finished goods inventory 26,400 18,480 Materials purchased $149,600 Direct labor 202,400 Manufacturing overhead 158,400 Sales 704,000 (a) Your answer is correct. Compute cost of goods manufactured. Cost of goods manufactured $ 503640 e Textbook and Media Attempts: 1 of 3 used (b) Prepare an income statement through gross profit. ORIOLE COMPANY Income Statement For the Year Ended December 31, 2022 $