Exercise 16.9 (Static) Preparing an Income Statement Using the Cost of Finished Goods Manufactured (LO16-4, LO16-6) The Wadena Company reports the following information pertaining to the month of January: Ending Balance Beginning Balance Materials Inventory $ 35,000 $ 70,000 Work in Process Inventory 45,000 80,000 Finished Goods Inventory 65,000 50,000 During January, the company purchased $40,000 of direct materials and incurred $90,000 of direct labor costs. Total manufacturing overhead costs for the month amounted to $55,000. Selling and administrative expenses amounted to $320,000, and the company's January sales amounted to $680,000. Required: Prepare Wadena's schedule of the cost of finished goods manufactured. Prepare Wadena's income statement (ignore income taxes)