You have been asked by the CEO of Mountaineer Company 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 Direct materials used Raw materials purchases 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 indirect labor $50,000 Work in Process Finished Goods $0 $25,000 $50,000 $75,000 $100,000 $125,000 $150,000 $175,000 $200,000 Indirect labor Property Repairs-Factory taxes-Factory equipment Work in Process & Finished Goods Inventories $50,000 Work in Process $40,000 Factory utilities $43,000 $30,000 $20,000 Finished Goods $10,000 50 Beginning Ending Beginning Ending M 1 of 3 Required information Raw materials inventory, beginning Raw materials purchases Raw materials available for use Less: Raw materials inventory, ending Direct materials used Direct labor Factory overhead Factory utilities Repairs-Factory equipment Indirect labor Total factory overhead. Total manufacturing costs Total cost of work in process Cost of goods manufactured 000 00 S 60,000 140,000 200,000 64,000 $ 136,000 45,000 9,500 11,500 38,000 14,000 118,000 S 254,000 254,000 254,000 Che Cash $350,000 Direct labor $180,000 Sales Sales and Select Expense Accounts General & administrative expenses Selling expenses +ableau $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 Compute cost of goods sold for the year ended December 31 Note: Use cost of goods manufactured calculated in part 1. Finished goods inventory beginning Goods available for sale Cost of goods sold +ableau $600,000 $800,000 $1,000,000 $0 $200,000 $400,000 e Prepare an income statement. Note: Use cost of goods sold calculated in part 1. Mountaineer Co. Income Statement For Year Ended December 31 Cost of goods sold Goods available for sale Cost of goods sold Net income