YNP Corportion lists the following costs and expenses for the current year as of December 31. Sales Raw Materials Purchased Beginning Raw Materials Ending Raw Materials Depreciation Insurance Direct Labor Maintenance Administrative Expenses Selling Expenses Utilities Indirect Labor Beginning WIP Inventory Ending WIP Inventory Beginning Fininshed Goods Inventory Ending Fininshed Goods Inventory $800,000 $85,000 $20,000 $24,000 $18,000 (80% to Factory) $4,000 (75% to Factory) $70,000 $11,000 (100% to Factory) $60,000 $250,000 $25,000 (85% to Factory) $90,000 $5,000 $35,000 $10,000 $50,000 Required: Prepare a Schedule of Cost of Goods Manufactured and an Income Statement for YNP Corporation as of December 31, 2016 YNP Corporation Schedule of Cost of Goods Manufactured 31-Dec-16 Beginning Work in Process Inventory Add: Direct Materials Used: Beginning Raw Materials Purchases of Raw Materials Raw Materials Available Ending Raw Materials Direct Materials Used Direct Labor Manufacturing Overhead: Plant Depreciation Plant Insurance Plant Maintenance Plant Utilities Indirect Labor Total Manufacturing Overhead Total Manufacturing Costs Incurred During Year Total Manufacturing Costs To Account For Less: Ending Work in Process Inventory Cost of Goods Manufactured Cost of Goods Manufactured Beginning Finished Goods Inventory Available for Sale Ending Finished Goods Inventory Cost of Goods Sold YNP Corporation Income Statement Year Ended December 31, 2016