Use the Dynamic Exhibit to answer the following questions. 1. When the ending balance in materials inventory is $40,000, the cost of goods manufactured is $ and net income is $ 2. When the ending balance in materials inventory is $35,000, the cost of goods manufactured is $ and net income is $ 3. When the ending balance in materials inventory is $30,000, the cost of goods sold is $ and net income is s 4. When the ending balance in materials inventory is $32,500, the cost of goods sold is $ and net income is s Legend Guitars Legend Guiters Statement of Cost of Goods Manutactured Income Statement For the Year Ended December 31, 20- For the Year Ended December 31, 20- Wark in pracesa ienters lnuary , 20 0 5 30,000 Saln Direet materiat Cost of goads sold. Mats inntury, lanuary 1, 20- 265,000 Finished guudh inentory, January 1. 20 5 60.000 Purchases 100,000 Cest al gouda marulectared 2a5.000 Cost ufwateris elute forane SI66,000 Cest af finshed goada avalauie for sale $145,000 Lesa materiab inventury, Dober 31, 20 40,000 Les frishest goots invenary December 1, 20- 62.500 Cost af cireci mtar cied S125,000 Cast of goadh col e O Direct labor 110.000 Gross pruf S R.500 Factary ovarhat Ouerating penses Indirea laber S 24,000 S 20.000 Sellng exess Depreciacion on facoryequlpmere 10,000 Administranive penes 15000 Factory suppies and utlity cests 10,000 etal opetang spens 5,000 Tatal factary verhead 44.000 Net income (0 Total manutactuting cests ntured 229,000 Tatal manutacturing pests Less wor in process ineentory, December 31. 20- O 24.000 Cost of goods manutectured 5285.000-