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50. Income Statement and Supporting Schedules. The following financial information is for Caravelli Company. (Note that the most current financial information is presented in the first column.) December 31, 2016 December 31, 2015 Raw materials inventory $ 24,000 $ 30,000 Work-in-process inventory 1,800,000 1,650,000 Finished goods inventory 1,050,000 1,230,000 of the total raw materials placed in production for the year, $36,000 was for indirect materials. The company had $3.795,000 in sales for the year ended December 31, 2016. The company also had the following costs for the year: Selling $ 270,000 General and administrative $ 720,000 Raw materials purchases $ 300,000 Direct labor used in production $375,000 Manufacturing overhead $1,890,000 Required: a. Prepare a schedule of raw materials placed in production for the year ended December 31, 2016. b. Prepare a schedule of cost of goods manufactured for the year ended December 31, 2016. c. Prepare a schedule of cost of goods sold for the year ended December 31, 2016. d. Prepare an income statement for the year ended December 31, 2016. e. Describe the three types of costs included in cost of goods sold on the income statement. (Dollar amounts are not necessary in your descriptions.) e. Direct Materials: Direct Labor: Manufacturing Overhead

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