Tools 2 Koufax Materials Corporation produces plastic products for home appliances and electronics. The financial department has produced the following information for the year ended December 31 Administrative salaries Depreciation on the administrative building Depreciation on the manufacturing plant Direct labor Direct materials inventory. January 1 Direct materiale inventory. December 31 Direct materials purchased during the year Distribution costa Finished goods inventory, January 1 Finished goods inventory. December 31 Indirect labor Insurance con manufacturing plant) Legal fees Maintenance on the manufacturing plant) Manufacturing plant utiities Marketing costs Other manufacturing plant costs Sales revenue Taxes (on manufacturing plant and property) Work-in-process inventory, January 1 Work-in-process inventory, December 31 $ 2,630,000 1,147,000 1.755.000 4.697.500 1,074,200 1,240.000 8,961,000 662,000 1,647,000 1,374,500 547,000 58,200 501,300 220,400 789, 100 754,250 635,880 22,659,920 220,600 408,250 401,700 Required: a. Prepare a cost of goods manufactured and sold statement. b. Prepare an income statement. Complete this question by entering your answers in the tabs below. COGM and OGS Stints Income Stmt -pare a cost of goods manufactured and sold statement