Please show work and formulas

Problem 2

Shadows Sprockets had the following cost information for fiscal year 2016: Materials 01/01/16 $ 47,500 overhead $ 677,400 Work-in-Process 01/01/16 316,000 net income 535,400 Finished Goods 01/01/16 161,000 purchase of materials 386,000 Finished Goods 12/31/16 139,600 admin expenses 526,000 Work-in-Process 12/31/16 243,800 selling expenses 311,000 Materials 12/31/16 51,200 direct labor 411,000 (Hint: Prepare a COGM schedule and I/S. THINK!)