The Sebeka Company reports the following information pertaining to the month of January.

During January, the company purchased $60,000 of direct materials and incurred $80,000 of direct labor costs. Total manufacturing overhead costs for the month amounted to $25,000. Selling and administrative expenses amounted to $100,000, and the company’s January sales amounted to $500,000.
a. Prepare Sebeka’s schedule of the cost of finished goods manufactured.
b. Prepare Sebeka’s income statement (ignore income taxes).

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Materials Inventory.... Work in Process Inventory Finished Goods Inventory. Ending Beginning Balance Balance $15,000 $45,000 30,000 70,000 50,000 40,000