Exercise 2.2: The following cost data for the year ended pertain to A M, Inc., a greeting card manufacturer Sales revenue 300,000 Work in process inventory December 31 9,000 Work in process inventory January 1 13,000 Selling and administrative expenses 72,000 Income tax expenses 12,000 Purchases of raw material 84,000 Raw Material inventory December 31 4,000 Raw Material inventory January 1 8,000 Direct Labor 19,000 Utilities - Plant 2,000 Depreciation - Plant and equipment 5,000 Finished goods inventory December 31 8,000 Finished goods inventory January 1 11,000 Indirect material 7,000 Indirect labor 2,500 Other manufacturing overhead 1,500 Required 1. Prepare schedule of cost of goods manufactured for the year. 2. Prepare schedule of cost of goods sold for the year 3. Prepare income statement for the year