Prepare the Cost of Goods Manufactured and the Income statement based on the following numbers:

Inventories: Materials. . . .Beginning $65,000; ending $35,000

Work in process . . . Beginning 30,000; ending 24,000

Finished goods. . . . . Beginning 60,000; ending 62,000

Manufacturing costs incurred during 2012:

Materials purchased and used.- $100,000

Direct Labor-110,000

Factory Overhead:

Indirect Labor $24,000

Depreciation on factory equipment $10,000

Factory supplies and utility costs $10,000

Sales - $366,000

Selling expenses- 20,000

Administrative expenses -15,000