use the labels and descriptions provided for sheet please.

Refer to the list below for the exact wording of a label or an amount description within your statements. Labels Add Less Manufacturing overhead Selling expenses Amount Descriptions Beginning work in process Commissions Cost of goods manufactured Cost of goods sold Depreciation, factory equipment Direct materials Direct labor Ending work in process General administration expense Gross margin Indirect labor Operating income Indirect labor Operating income Operating loss Rent, factory building Sales Sales supervisor's salary Total cost of product Utilities, factory Cost of Goods Manufactured 1. Prepare a statement of cost of goods manufactured. Refer to the list of Labels and Amount Descriptions for the exact wording of text iterns within your statement. If an amount is negative, first enter a minus (-) sign. W. W. Phillips Company Statement of Cost of Goods Manufactured For Last Year 1 Cost of goods manufactured 2 Add direct materials purchased $46,800.00 320,000,00 4 Less $66,800.00 300,000.00 Direct labor 6 Add 7 Manufacturing overhead # Add Beginning work in process 10 11 3. Prepare an income statement for external users. Refer to the list of Labels and Amount Descriptions for the exact wording of text iterns within your statement. W. W. Phillips Company Income Statement For Last Year 1 2 3 + Label) 5 (Label) 6 7 . Average Cost 2. Compute the average cost of producing one unit of product in the year. The average cost of producing one unit of product in the year was $