You have been asked by the CEO of Mountaineer Co to assist in analyzing product costs. This analysis is used in internal decision making and in reporting to investors. The following Tableau Dashboard provides data needed for the analysis. Raw Materials Inventories Raw materials, beginning La materiale purchase Raw materials used Raw materials, ending $0 $25,000 $50,000 $75,000 $100,000 $125.000 $150,000 $175,000 $200,000 Work in Process & Finished Goods Inventories Work in Process Finished Goods Rent expense. Factory $50,000 54,000 50.000 540,000 43.000 Repairs expante Factory $30,000 33,000 $20.000 Tactory applies used (indirect materials) Factory utarties $10,000 50 Beginning Ending Beginning Ending Indirect labor Additional Data Accounts receivable.net Cash Direct labor $150.000 $350.000 $180.000 Sales and Select Expense Accounts Sales General administrative expenses Selling expenses 5200,000 600.000 S600.000 5800.000 51.000.000 Prepare a schedule of cost of goods manufactured for the current year ended December 31. List individual overhead account balances In the schedule. Mountaineer Co. Schedule of Cont of Goods Manufactured For Year Ended December 31 Direct materials Raw materials available for use 0 Direct materials used $ Factory overhead III Total factory overhead costs Total manufacturing costs 0 Total cost of work in process $ Cost of goods manufactured Compute cost of goods sold for the current year ended December 31. Note use cost of goods manufactured calculated in part 1 Answer is complete but not entirely correct. Mountaineer Co. Computation or cost of Goods Sold For Year Ended December 31 Cost of goods sold Finished goods inventory beginning $ 50.000 Add: Cost of goods manufactured 545.000 Goods available for sale 595,000 Less Finished goods inventory ending 54,000 Cost of goods sold $ 541,000 Prepare an income statement for the company. Note: use cost of goods sold calculated in part 1. Answer is not complete. Mountaineer Co. Income Statement For Year Ended December 31 $ 1,000,000 Cost of goods sold: Finished goods Inventory, beginning Cost of goods manufactured 50,000 444,000 494,000 54,000 Cost of goods available for sale Less: Finished goods Inventory, ending Cost of goods sold Gross profit Operating expenses: General and administrative expenses Selling expense 440,000 560,000 75,000 103,500 Total operating expenses Net Income 178,500 $ 381,500