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: 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: a. Prepare Wadena's schedule of the cost of finished goods manufactured. b. Prepare Wadena's income statement (ignore income taxes). Complete this question by entering your answers in the tabs below. Prepare Wadena's schedule of the cost of finished goods manufactured. 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: 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: a. Prepare Wadena's schedule of the cost of finished goods manufactured. b. Prepare Wadena's income statement (ignore income taxes). Complete this question by entering your answers in the tabs below. Prepare Wadena's income statement (ignore income taxes)