Reconstruct Financial Statements The following data appeared in Pacific Northwest's records on December 31 of last year:

On January 1. at the beginning of last year, the Finished Goods Inventory account had a balance of $80,000, and the Work in Process Inventory account had a balance of $25,900. Sales revenue during the year was $1,625,000. Prepare a cost of goods manufactured and sold statement and an income statement.

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Direct materials inventory, December 31 Direct materials purchased during the year Finished goods inventory, December 31 Indirect labor $ 85,000 360,000 90,000 32,000 Direct labor 400,000 Plant heat, light, and power 37,200 Building depreciation (% is for manufactur- ing) 81,000 Administrative salaries 51,400 Miscellaneous factory cost 31,900 Marketing costs 37,000 Overtime premium on factory labor 12,100 Insurance on factory equipment 19,000 Transportation-out 1,600 Taxes on manufacturing property 13,100 Legal fees on customer complaint 8,200 Direct materials used 382,100 Work in process inventory, December 31 24,600