Use the following information to prepare an income statement for Manufacturing Company for 2012 assuming sales are 3000000$ (2 marks for gross profit, 2 marks for total sell. Admin. Exp., 2 marks for net operating income, 2 marks for presentation and heading = 8 marks) = Commission expense 180000 Direct material 480000 Sales travel expense 24000 Direct labor 250000 Advertising expense 360000 COGS 1700000 Insurance expense 6000 Depreciation expense 140000 Depreciation, factory 12000 Ending finished inventory 35000 Beginning finished inventory 21000 Work in process (net) 8000