Part One: In 2018, Patsy Jackson opened Patsy's Posies, a small retail shop selling floral arrangements. (Click the icon to view the records.) Read the requirement (Part One). Part Two: Patsy's Posies was so successful that Patsy decided to manufacture her own brand of floral supplies: Floral City Manufacturing. (Click the icon to view the records.) Read the requirements (Part Two). Part Three: Show the ending inventories that would appear on these balance sheets: (Click the icon to view additional information.) Part One: Begin by calculating the cost of goods sold for the year. Patsy's Posies Calculation of Cost of Goods Sold Plus: Less: For the Year Ended December 31, 2019 Requirement (Part One) Prepare an income statement for Patsy's Posies, a merchandiser, for the year ended December 31, 2019. Data Table Print Done On December 31, 2019, her accounting records show the following: Sales revenue Utilities for shop....... $ 53,000 S 1,100 Inventory on December 31, 2019 ... S 9,100 Inventory on January 1, 2019 $ 12,000 Rent for shop... $ 4,600 Sales commisions $ 4,000 Purchases of merchandise ...... $ 36,000 Choose from any list or enter any number in the input fields and then cli parts remaining Print Done Check Answer At the end of December 2020, her accounting records show the following: Utilities for plant.... $ EA Delivery expense.. Sales salaries expense... Plant janitorial services. Work in process inventory, December 31, 2020 Finished goods inventory, December 31, 2019 ...... $ Finished goods inventory, December 31, 2020 Sales revenue Customer service hotline expense Direct labor.... Direct material purchases.. Rent on manufacturing plant .. Raw materials inventory, December 31, 2019. Raw materials inventory, December 31, 2020. . Work in process inventory, December 31, 2019 4,900 $ 1,500 . $ 4,300 $ 1,350 $ 5,000 0 $ 2,500 $ 104,000 $ EA 1,400 $ 23,000 $ 30,000 $ 9,600 $ 14,000 $ 8,000 EA 0 1. 2. 3. Calculate the Cost of Goods Manufactured for Floral City Manufacturing for the year ended December 31, 2020. Prepare an income statement for Floral City Manufacturing for the year ended December 31, 2020. How does the format of the income statement for Floral City Manufacturing differ from the income statement of Patsy's Posies? 1. Patsy's Posies at December 31, 2019 2. Floral City Manufacturing at December 31, 2020