Preparing an income statement. For the fiscal year 19X7, the Nagata Machinery Corporation accumulated the following data:

Instructions Prepare an income statement for the Nagata Machinery Corporation for the year ended June 30, 19X7.

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Sales Sales Returns and Allowances Finished Goods, July 1, 19X6. Finished Goods, June 30, 19X7 Cost of Goods Manufactured Overapplied or Underapplied Overhead Selling Expenses Provision for Income Taxes Administrative Expenses $824,384 32,714 82,844 85,834 448,721 4,190 Dr. Balance 94,348 72,200 80,650