Using the following information for Superior Manufacturing Company, prepare a manufacturing statement and an income statement for the year ended December 31, 2019. (Assume a 25\% income tax.) Further assume that all raw materials used were direct materials and the factory overhead costs were totaled for you on a separate schedule. SUPERIOR MANUFACTURING COMPANY Manufacturing Statement For Year Ended December 31, 2019 Raw Materials Inventory, 1/1/19 Raw Materials Purchases Raw Materials Available for Use Less Raw Materials Inventory, 12/31/19 Direct Materials. Direct Labor. Factory Overhead Total Manufacturing Costs Add: Work in Process Inventory 1/1/19 Total Work in Process Inventory. Less: Work in Process Inventory 12/31/19 Cost of Goods Manufactured $20,000150,000170,00040,000 $130,000120,000180,000430,00050,000480,00080,000400,000 $400,000 Sensitivity SUPERIOR MANUFACTURING COMPANY Income Statement For Year Ended December 31, 2019 Sales Cost of Goods Sold: Finished Goods Inventory, 1/1/19 Cost of Goods Manufactured Cost of Goods Available for Sale. Finished Goods Inventory, 12/31/19 Cost of Goods Sold Gross Profit Operating Expenses: Selling Expenses Administrative Expenses Total Operating Expense Income before Taxes. Income Tax Expense Net Income after Taxes $600,000 $140,000400,000540,00090,000 150,000450,000 30,000 60,000 90,00060,00015,00054,000