The following information has been taken from your accounting records. Prepare a manufacturing cost and income statement based on this information for the year ended 31 December 19xx.

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Materials bought 366,000 Discounts allowed 8,000 Indirect costs (excluding depreciation) 468,400 Selling and administration expenses (excluding depreciation) Depreciation: Manufacturing 90% 344,400 Selling and administration 10% 116,000 Sales 1,844,000 Direct labour 523,600 Carriage inwards on raw materials 6,000 Rental income 64,600 Interest on debentures paid 16,000 Stocks 1 January 31 December Raw materials 54,200 66,000 Work in progress 29,800 38,800 Finished goods 88,000 64,000