The following information is available for Robstown Corporation for 2048: Inventories January 1 December 31 Materials $347,000 $435,000 Work in process 627,000 590,600 Finished goods 608,200 571,000 December 31 Advertising expense $ 295,200 Depreciation expense-office equipment 44,400 Depreciation expense-factory equipment 55,000 Direct labor 669,600 Heat, light, and power-factory 22,480 Indirect labor 76,750 Materials purchased 658,600 Office salaries expense 185,300 Property taxes-factory 18,200 Property taxes-office building 32,400 Rent expense-factory 32,500 Sales 3,016,000 Sales salaries expense 419 000 15,900 Supplies-factory Miscellaneous costs-factory 9.600 Required: a. Prepare the 20Y8 statement of cost of goods manufactured. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. b. Prepare the 2048 income statement Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. Labels For the Year Ended December 31, 2048 For the Month Ended December 31, 2048 Amount Descriptions Advertising expense Cost of direct materials used in production Cost of finished goods available for sale Cost of goods manufactured Cost of goods sold Cost of materials available for use Depreciation expense-factory equipment Depreciation expense-office equipment Direct labor Finished goods inventory, December 31, 20Y8 Finished goods inventory, January 1, 2018 Gross profit Heat, light, and power-factory Indirect labor Materials inventory, December 31, 2018 Materials inventory, January 1, 2018 Miscellaneous costs-factory Net income Office salaries expense Purchases Property taxes-factory Property taxes-office building Rent expense-factory Supplies-factory Property taxes-office building Rent expense-factory Supplies-factory Sales Sales salaries expense Total manufacturing costs incurred in 2048 Total factory overhead Total manufacturing costs Total operating expenses Work in process inventory, December 31, 2018 Work in process inventory, January 1, 2018 8. Prepare the 2048 statement of cost of goods manufactured. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. For those boxes in which you must enter subtracted or negative numbers use a minus sign. Robstown Corporation Statement of Cost of Goods Manufactured (Label) 1 2 Direct materials: 3 4 5 u 6 8 9 Factory overhead: 10 9. Factory overhead: 10 11 1 1 15 16 18 19 20 21 b. Prepare the 2048 income statement. Be sure to complete the statement heading. Refer to the list of Labels and Amount Descriptions provided for the exact wording of the answer choices for text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. Robstown Corporation Income Statement (Label) 1 2 Cost of goods sold: 3 7 8 19 Operating expenses 10 Administrative expenses: 8 9 Operating expenses 10 Administrative expenses. 11 12 13 14 Selling expenses 15 16 17 18