W. W. Phillips Company produced 4,000 leather recliners during the year. These recliners sell for $400 cach. Phillips had 500 recliners in finished goods inventory at the beginning of the year. At the end of the year there were 700 recliners in finished goods inventory. Phillip's accounting records provide the following information: Purchases of raw materials $320,000 Direct labor 200,000 Plant supervisor 40,000 Rent factory building 45,000 Depreciation, factory equipment 60,000 Utilities, sales persons office 13,000 Depreciation, sales persons equipment 42,000 Utilities factory 14,500 Salaries sales supervisor 90,000 Commissions sales persons 180,000 General administration 300,000 Raw Materials Inventory, 1.1.2015 50,000 Raw Materials Inventory, 12.31. 2015 75,000 Work in process inventory, 1.1.2015 23,000 Work in process inventory, 12.31.2015 17,000 Finished goods inventory, 1.1.2015 80,000 Finished goods inventory, 12.31.2015 114,500 REQUIRED: 1. Prepare a cost of goods manufactured statement 2. Prepare a cost of goods sold statement 3. Prepare an income statement. 4. Determine the prime costs. 5. Determine the conversion costs. 6. Determine the inventoriable costs. 7. Determine the period costs