Question 2 (8 points) Based on the information given below, complete a partial income statement in the space provided for the year ending, December 31, 2020, through to the Cost of Goods Sold section. The following costs and inventory data were taken from the accounts of Simon Company for 2019: January 1, 2020 December 31, 2020 Inventories: Raw materials $ 8,000 $ 7,000 Work in process 15,000 13,000 Finished goods 16,000 12,000 Costs incurred: Raw materials purchases $98,000 Direct labor 42,000 Factory rent 8,000 Factory utilities 10,000 Indirect materials 6,000 Indirect labor 9,000 Operating expenses 17,000 SIMON COMPANY Schedule of Cost of Goods Manufactured For the Year Ended December 31, 2020 Work in processing, beginning $ 15,000 Direct materials Raw materials inventory, beginning $ 8,000 Raw materials purchases 98,000 Raw materials available for use 106,000 Less: Raw materials inventory, ending 7,000 Direct materials used $99,000 Direct labor 42,000 Manufacturing overhead 33,000 Total manufacturing costs 174,000 Total cost of work in process 189,000 Less: Work in process, ending 13,000 Cost of goods manufactured 176,000