The following information is available for Robstown Corporation for 20Y8: Inventories January 1 December 31 Materials $351,000 $435,800 Work in process 625,200 590,400 Finished goods 607,400 571,000 December 31 Advertising expense $ 296,600 Depreciation expense-office equipment 43,560 Depreciation expense-factory equipment 55,880 Direct labor 669,000 Heat, light, and power-factory 22,060 Indirect labor 76,000 Materials purchased 658,200 Office salaries expense 183,300 Property taxes-factory 18,300 Property taxes-office building 31,200 Rent expense-factory 32,500 Sales 3,011,000 Sales salaries expense 417,000 Supplies-factory 16,000 Miscellaneous costs-factory 9,200 Required: a. Prepare the 20Y8 statement of cost of goods manufactured. For those boxes in which you must enter subtracted or negative numbers use a minus sign\.\* b. Prepare the 20Y8 income statement. *Refer to the Amount Descriptions list provided for the exact wording of the answer choices for text entries.

                            Robstown Corporation

                Statement of Cost of Goods Manufactured

                  For the Year Ended December 31, 20Y8

Work in process inventory, January 1, 20Y8                               $625,200

Direct materials:    

Materials inventory, January 1, 20Y8    $351,000  

Purchases                                                $658,200

Cost of materials available for use     $1,009,200

Materials inventory, Dec 31, 20Y8        ($435,800)  

Cost of direct materials used in              $573,400   $573,400

production  

Direct labor                                                                  $669,000  

Factory overhead

Depreciation expense-factory                 $55,880

equipment  

Heat, light, and power-factory                 $22,060  

Indirect labor                                             $76,000  

Miscellaneous costs-factory                    $9,200

Property taxes-factory                              $18,300

Rent expense-factory                               $32,500  

Supplies-factory                                        $16,000  

Total factory overhead                                                $229,940

Total manufacturing costs                                                             $1,472,340

incurred in 20Y8

Total manufacturing costs                                                            $2,097,540

Work in process inventory, December 31, 20Y8                         ($590,400)

Cost of goods manufactured                                                       $1,507,140

                                      Robstown Corporation

                                         Income Statement

                         For the Year Ended December 31, 20Y8

Sales                                                                                           $3,011,000

Cost of goods sold:

Finished goods inventory, Jan 1, 20Y8              $607,400  

Cost of goods manufactured                              $1,507,140  

Cost of finished goods available for sale        $2,114,540

Finished goods inventory, Dec. 31, 20Y8          ($571,000)  

Cost of Goods Sold                                                                      $1,543,540

Gross Profits                                                                                 $1,467,460

Operating expenses:

Administrative expenses:

Depreciation expense-office equipment     $43,560  

Office salaries expense                                 $183,300  

Property taxes-office building                       $31,200   $258,060

Selling expenses:

Sales salaries expense                                  $417,000  

Advertising expense                                     $296,600 $713,600

Total operating expenses                                                                $971,660

Net income                                                                                        $495,800

definitely a