The following information is available for Robstown Corporation for 2048: Inventories December 31 Materials January 1 $349,000 630,200 606,400 $435,600 593,000 Work in process Finished goods 570,000 December 31 $ 294,400 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor 42,480 55,700 668,400 22, 240 76,250 659,000 Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-office building Rent expense-factory 183,700 17.400 32,200 32,300 Sales 3,008,000 Sales salaries expense 416,000 416,000 Sales salaries expense Supplies-tactory Miscellaneous costs.factory 15.200 10,000 Required: 2. Prepare the 2018 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 2018 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 and Amount Descriptions Labels For the Year Ended December 31, 20Y8 For the Month Ended December 31, 20Y8 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, 2048 Gross profit Heat, light, and power-factory Iridirect labor Materials inventory, December 31, 2048 Labels and Amount Descriptions Indirect labor Materials inventory, December 31, 2018 Materials inventory, January 1, 2018 Miscellaneous costs-factory Net Income Once salaries expense Purchases Property taxes-factory Property taxes-office building Rent expense-factory Supplies-factory Sales Sales salaries expense Total manufacturing costs incurred in 2078 Total factory overhead Total manufacturing costs Total operating expenses Work in process inventory, December 31, 2048 Work in process inventory, January 1, 2048 Robstown Corporation Statement of Cost of Goods Manufactured Work in process inventory, December 31, 2048 1 Direct materials 3 5 9 Factory overhead 10 1 Instructions Statement of Cost of Goods Manufactured 8 Factory overhead 10 11 12 13 14 15 16 17. 18 19 20 21