BUS 322 Biscoe Toy Boat Company manufactured 10,000 units in 2016 and reported the following account balances:

Biscoe Toy Boat Company manufactured 10,000 units in 2016 and reported the following account balances: Sandpaper $ 32 Leasing costs-plant $ 384 Materials handling 320 Depreciation-equipment 224 Coolants & lubricants 22 Property taxes-equipment 32 Indirect manufacturing labor 275 Fire insurance-equipment 16 Direct manufacturing labor 2,176 Direct material purchases 3,136 Direct materials, 1/1/16 384 Direct materials, 12/31/16 275 Finished goods, 1/1/16 672 Sales revenue 12,800 Finished goods, 12/31/16 1,280 Sales commissions 640 Work-in-process, 1/1/16 96 Sales salaries 576 Work-in-process, 12/31/16 64 Advertising costs 480 Accumulated Depr: equip 755 Administration costs 800 Accounts payable 950 Common Stock 1,500Required: a) Prepare a Schedule of Cost of Goods Manufactured for 2016b) Prepare an Income Statement for 2016