The following information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials $346,000 $436,600 Work in process 625,200 590,200 Finished goods 608,400 573,500 December 31 Advertising expense $ 294,800 Depreciation expense-office equipment 43,920 Depreciation expense-factory equipment 55,720 Direct labor 668,800 Heat, light, and power-factory 22,280 Indirect labor 77,250 Materials purchased 659,000 Office salaries expense 185,100 Property taxes-factory 15,300 Property taxes-office building 33,000 Rent expense-factory 32,700 Sales 3,014,000 Sales salaries expense 419,000 Supplies-factory 15,000 Miscellaneous costs-factory 9,100 Required: a. Prepare the 2048 statement of cost of goods manufactured. For those boxes in which you must enter subtracted or negative numbers use a minus sign.* b. Prepare the 2048 income statement. *Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Amount Descriptions 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 Indirect labor Materials inventory, December 31, 20Y8 Materials inventory, January 1, 20Y8 Miscellaneous costs-factory Net income Office salaries expense Property taxes-factory Property taxes-office building Purchases Rent expense-factory Sales Sales salaries expense Supplies-factory Total manufacturing costs incurred in 20Y8 Total operating expenses Work in process inventory, December 31, 20Y8 Work in process inventory, January 1, 2048 4. Prepare the 20Y8 statement of cost of goods manufactured Be sure to complete the statement trending. 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 mine sig Hobsiaan Corporation Statement of Cost of Goods Manufactured For The Year Ended December 31, 2048 ! Direct materials: Materials inventory.laruary 1, 2018 1 1 5346.000,00 + Purchases 659.000,00 Cost of materials available for use $100500000 (456 600,00 6 Materials inventory. December 31, 2018 Cost of direct materials used in production T $568,400.00 Direct labor 66880000 o Factory overhead 10 Depreciation expense-factory equipment 11 Heat, light, and power-tactory 55522000 22.280,00 77.250.00 15.300.00 13 Indirect labor 1) Property taxes-factory 14 Rent expense-factory 32.700.00 15,000.00 9.100.00 227,350.00 15 Supplies-factory 16 Miscellaneous costs.factory 13 Total factory overhead 18 Tocal manufacturing costs incurred in 2018 19 Total manufacturing costs 10 Work in process inventory, December 31, 2018 Cost of goods manufactured 1,464,550.00 2,089,750.00 (590,2000) $1,499,550.00 b. Prepare the 20Y8 income statement. Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries. Robstown Corporation Income Statement For the Year Ended December 31, 20Y8 1 Sales $3,014,000.00 2 Cost of goods sold: 3 1,534,450.00 4 5 6 7 8 Gross profit 9 Operating expenses: 10 Administrative expenses: 11 12 13 14 Selling expenses: 15 16 17 18