Incomeant Cost of Goods and Spencer Company produced 200,000 cases of drinking the past blender y acheter botes ses for 33 Spencer had 2,300 cases sports rinksis finished goods inventory at the beger of the year at the end of the year there were 11,500 coperta di infinished gode inventary Sporting records ride the following information Purchases of red materials 12,340,000 Directory 290,000 Drect water ventory, December 31 110,000 Direct labor 1,200,000 Indirect labor 334,00 Deprecation, dy burting 575.000 Deprecation factory out 436,000 Property to factory $5,000 150,000 The story 200,000 Belar, sales per 65,00 Como persone 238,000 500,000 90,000 460,000 750,000 General ministration Workprocessor, Jarury 1 Werkprocesory, December 31 Finished every wyt Finished goods wentary, Decame Required 107,500 48,750 3. Prepare an income statement on an absorption-costing basis. Show the percentage of sales that each line item represents. Round the percent to four decimal places before converting to a percentage. For example, .88349 would be rounded to .8835 and entered as 88.35. Spencer Company Income Statement: Absorption Costing For the Year Ended December 31 Percent % Cost of goods sold: % Less: Operating expenses: % % % 4. Consider Step 4 "where" core issue described in Exhibit 2.5. Briefly explain why you would expect Spencer's accountants to find it easy or difficult to answer this "where" question with respect to conducting data analyses involving its cost of goods sold. Given that the data analyses in the question involving Spencer's cost of goods sold, the accountants should find the data needed to conduct the desired statistical analysis. Cost of goods sold, like any accounting data that adhere to Generally Accepted Accounting Principles (GAAP) for public disclosure via the financial statements, be readily available from the company's tightly controlled and accessible general ledger or other internal financial accounting system