Problem - The following information is taken from December 31, 2015, adjusted Trial Balance and other records fof PAPO'S Company before the calender year-end closing entries are record:

Direct Labor ........................................................................$803,250         

Income taxes expenses ...................................................222,000         

Indirect labor .....................................................................65,070          

Depreciation expense - Factory equipment ................42,420         

Miscellaneous Factory Overhead ................................6,125         

Office salaries expenses ...................................................53,000         

Raw material purchases ...................................................875,000         

Rent expense - office space ............................................18,000         

Rent expense - Selling expense ....................................33,800         

Raw materials, January 1, 2015 .......................................122,350         

Raw material, December 31, 2015 .................................242,000         

Maintenance Factory Overhead ....................................34,500         

Goods in process, January 1, 2015 ..................................18,300         

Sales .....................................................................................3,879,000         

Goods in process, December 31, 2015 ..........................17,080         

Finished goods, January 1, 2015 .....................................142,500         

Sales salary expense .........................................................282,160         

Finished goods, December 31, 2015 ..............................166,000   

Required:

1. Prepared the 2015 cost of goods manufacturing statement for the company.

2. Prepared the 2015 Income statement for the company.