The following data are from the records of the AYO Company:

Required:
Prepare a cost of goods manufactured statement and an income statement for the AYO Company.
(HINT: You must work backwards to find the missing factory overhead costs. The key to the problem involves first finding cost of goods sold. You may find it easier to prepare the cost of goods manufactured format and fill in the information supplied before determining the missing information.)

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Direct material used. Gross margin.. Direct labor. Sales.. $ 34,250 69,600 60,380 221,400 Work in process, January 1, 19X1 8.060 Work in process, December 31, 19X1. 12.070 Administrative expenses. 23.700 Finished goods inventory, December 31, 19X1 31,500 Marketing expenses 18,050 Finished goods inventory, January 1, 19X1. 16,700