$3,050,000 Income Statement (with cost of goods sold adjustment) Yamamoto, Inc. Income Statement Year Ended December 31 Sales Cost of goods sold before adjustment for underapplied overhead Adjustment for underapplied overhead Cost of goods sold Gross profit Less operating (nonmanufacturing) expenses: Selling General and administrative Operating profit Correct Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect 25. Income Statement (with cost of goods sold adjustment). Yamamoto, Inc, had the following activity to the year ended December 31. Sales revenue $3,050,000 Selling expenses $ 575,000 General and administrative expenses $ 330,000 A noitesino Cost of goods sold (before adjustment) $ 700,000 Underapplied overhead $ 23,000 Required: Prepare an income statement for year ended December 31