Information about Mobile Enterprises for the year ending December 31, 2016, is as follows: 
Ending direct materials is 20 percent larger than beginning direct materials. Ending work in process is half of the beginning work in process. Ending finished goods increased by $8,000 during the year. Prime costs and conversion costs are 70 percent and 60 percent of total manufacturing costs added, respectively. Materials purchases are
$113,200.
Required:
a. Prepare a statement of cost of goods manufactured.
b. Prepare an income statement.
Note: Find the numbers for the income statement first.
Definitions:
Gains from Specialization
The increased efficiency and output that result when individuals or entities focus on specific tasks or activities they perform best.
Exchange Rates
The worth of one currency in relation to another, establishing how much of one currency can be exchanged for another.
Exchange Rate
The worth of a particular currency when converted into a different currency.
France
A country located in Western Europe known for its historical and cultural significance, notable landmarks, and as a global center for art, science, and philosophy.
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