2. Cost of Goods Manufactured and Income Statement Following is information from the record of the Savoy Company for July. Purchases: Raw materials $90,000 Manufacturing supplies 3,500 Office supplies 1,200 Sales 445,800 Administrative salaries 12,000 Direct labor 117,500 Production employees fringe benefits 4,000 Sales commissions 55,000 Production supervisors salaries 7,200 Plant depreciation 14,000 Office depreciation 22,000 Plant maintenance 10,000 Plant utilities 35,000 Office utilities 8,000 Office maintenance 2,000 Production equipment rent 6,000 Office equipment rent 1,300 Inventories: July 1 July 31 Raw materials 18,000 27,000 Manufacturing supplies 2,500 4,000 Office supplies 1,600 2,000 Work in process 52,000 41,000 Finished goods 36,000 28,100

Required: Prepare a statement of cost of goods manufactured and an income statement. Actual overhead costs are assigned to products.