The Giffin Corporation produces motorize garden lawnmowers and has the following balances in its operating accounts for 2009: Sales........ $700,000 Utilities *.. .. .... 30,000 Purchases of direct materials. 125,000 Factory indirect supplies used.. 7,500 Building & equipment depreciation expense* ".. .... 60,000 Insurance *......... 15,000 Salaries & wages "........ 304,500 Miscellaneous factory overhead. 2,800 Other selling & administrative expenses. 100,000 * Of the total as utilities, building & equipment depreciation, insurance and salaries & wages, 60% of the amounts are for the production process and the remaining 40% are of selling and administrative purposes. Furthermore, of the salaries & wages of the production process, direct labor wages of the units produced is based on a total of 5,250 hours worked in the year, of which 300 hours were unproductive idle time. Also, the company's normal hours for direct labor is 5,000 hours for the year at the rate of $20 per hour; overtime is paid at a time and one-half of the normal rate. Giffin has the following inventory accounts and balances for 2009: January 1 December 31 Direct materials inventory $15,000 $20,000 Work in process inventory $10,000 $ 5,000 Finished goods inventory 2,500 units @ $28/unit ? Records show that 12,000 units were transferred to finished goods inventory in 2009 and sales were 11,000 units. Giffin uses first-in, first-out method to value its inventories. Required: 1. Compute the amount of direct labor cost and the factory overhead cost from the salaries & wages of the production process. (Specify the types of factory overhead accounts and their amounts, if any.) 2. Prepare a cost of goods manufactured schedule for 2009. 3. Prepare a traditional (functional) income statement for 2009