The Wadena Company reports the following information pertaining to the month of January: Ending Balance Materials Inventory $ 35,000 Work in Process Inventory Finished Goods Inventory 45,000 65,000 Beginning Balance $ 70,000 80,000 50,000 During January, the company purchased $40,000 of direct materials and incurred $90,000 of direct labor costs. Total manufacturing overhead costs for the month amounted to $55,000. Selling and administrative expenses amounted to $320,000, and the company's January sales amounted to $680,000. Required: a. Prepare Wadena's schedule of the cost of finished goods manufactured. b. Prepare Wadena's income statement (ignore income taxes).