The following data refer to Twisto Pretzel Company for the year 20x1.

Required:
1. Prepare Twisto Pretzel Company’s schedule of cost of goods manufactured for 20x1.
2. Prepare the company’s schedule of cost of goods sold for 20x1. The company closes overapplied or underapplied overhead into Cost of Goods Sold.
3. Prepare the company’s income statement for 20x1.

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Work-in-process inventory, 12/31/x0. Selling and administrative salaries Insurance on factory and equipment. Work-in-process inventory, 12/31/x1. Finished-goods inventory, 12/31/x0. Cash balance, 12/31/x1 Indirect material used Depreciation on factory equipment 3,600 Indirect-labor cost incurred $8,100 13,800 Other selling and administrative expenses Utilities for sales and administrative offices 2,500 4,000 29,000 8,300 Depreciation on factory building 3,800 14,000 Depreciation on cars used by sales personnel 1,200 6,000 Direct-labor cost incurred. 79,000 4,900 Raw-material inventory, 12/31/x1 11,000 2,100 Accounts receivable, 12/31/x1 4,100 Raw-material inventory, 12/31/x0 10,100 Rental for warehouse space to store raw material.... 3,100 Property taxes on factory Finished-goods inventory, 12/31/x1 Purchases of raw material in 20x1 Utilities for factory. 2,400 Rental of space for company president's office 1,700 15,400 Applied manufacturing overhead. 58,000 39,000 Sales revenue 205,800 6,000 Income tax expense 5,100