Check Consider the following information for Fair Wind Yachts Inc., a manufacturer of sailboat rigging, blocks, and cordage. Advertising expenses Depreciation expense-administrative office Depreciation expense-plant and equipment Depreciation expense-delivery trucks Materials inventory, beginning Materials inventory, ending Direct materials purchases Direct labor Indirect labor Finished goods inventory, beginning Pinished goods inventory, ending Insurance on plant Heat and light for plant Repairs on plant building Supervisor's salary-plant Supplies-plant Supplies-administrative office Work-in-process inventory, beginning Work-in-process inventory, ending Sales representatives salaries Sales revenue $ 155,000 77,000 325,000 48,500 21,000 25,500 435.000 532,000 279,000 56,000 45,000 35,000 24,000 38,500 99,500 133,000 79,500 33,500 41,000 327,500 2,989,000 Required: Prepare a statement of cost of goods manufactured and an income statement for Fair Wind Yachts for the year ended December 31 Direct materials Materials available Direct materials used | Factory overhead Total factory overhead Total manufacturing costs to account for Total manufacturing costs Cost of goods manufactured Fair Wind Yachts Income Statement For the Year Ended December 31 Cost of goods sold Total goods available for sale Cost of goods sold Total selling & administrative expenses