Raw materials purchases $ 200,000 Direct labor $ 450,000 Indirect labor $ 35,000 Selling and administrative costs $ 102,000 Depreciation on factory equipment $ 120,000 Inventory Balances Inventory type January 1 December 31 Raw materials $ 15,800 $ 13,300 Work-in-process $ 35,700 $ 46,500 Finished goods $ 85,100 $138,400 2,200 units 3,340 units (units not all produced in current year Please refer to the facts in the prior two questions. 1. On paper, compute the cost of goods manufactured. 2. On paper, compute cost of goods sold. 3. On paper complete an income statement with the following lines: Sales revenue Cost of goods sold Gross margin Selling and administrative expenses Net income 4, What did you compute as net income? (ni) Remember to review all of the steps as you can get the answer to net income correct and still miss other lines of the income statement. choose your answer... Choose your answer 1,285,600 1,008,800 1,387,600 1,394,000