Preparing an income statement. For the fiscal year 19X8, the Phoenix Manufacturing Corporation accumulated the following data:

Instructions Prepare an income statement for the Phoenix Manufacturing Corporation for the year ended December 31, 19X8.

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Sales $960,540 Sales Returns and Allowances 43,780 Finished Goods, January 1, 19X8 98,730 Finished Goods, December 31, 19X8 94,520 Selling Expenses Cost of Goods Manufactured Overapplied or Underapplied Overhead Administrative Expenses Provision for Income Taxes 641,193 3,531 Cr. Balance 65,496 82,526 58,652