Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company

The following information is available for The Lucille Corporation for 2014:

Prepare the 2014 income statement:

Inventories Materials Work in process Finished goods January 1 $292,500 526,500 507,000 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-office building Rent expense-factory Sales Sales salaries expense Supplies-factory Miscellaneous costs-factory December 31 $364,000 494,000 480,000 $ 247,000 35,100 46,800 559,000 18,720 65,620 549,900 191,750 15,210 31,590 25,740 2,574,000 315,900 12,870 7,956