Exercise 2: ABC Widgets Below you will find items for the income statement for ABC Widgets for the year ended December 31, 2011. Construct an income statement. ABC Widgets Year ended December 31, 2011 Rent expense Insurance expense Gross sales Advertising expense Sales returns and allowances Website marketing expense Depreciation expense Electricity expense Bad debts expense Public relations expense Cost of Goods Sold $43,000 $2,000 See below $8,200 $3,400 $5,200 $4,000 $2,300 $850 $3,100 See below ABC Widgets opened up for business on January 1, 2011. Throughout 2011, they produced 11,000 widgets. The cost to produce the widgets included $71,720 in materials and $28,710 of labor. ABC Widgets sold 8,400 units during 2011 at a price of $21/widget