A list of account balances for Saint Lyonn Pastries follow: Revenue and Expenses January 1 inventories Purchases of raw materials $171,000 Raw materials $38,000 Direct labor $205,000 Work in process $41,000 Indirect labor $35,000 Finished Goods $105,000 Factory Rent $84,500 Depreciation Expense - Factory Equipment $25,000 Insurance - factory $18,000 December 31 inventories Salesperson's salaries $92,000 Raw materials $47,000 Maintenance - Factory Equipment $14,000 Work in process $25,000 Administrative Office Wages $76,000 Finished goods $93,000 Miscellaneous Expenses - Factory $28,000 Miscellaneous Expenses- Office $45,000 Raw Material Purchase Returns $6,200 Net Sales Revenues $950,000 CEO Salary $100,000 Utilities Expense - Factory $32,000 Administrative Office Rent $34,000

1. Determine the Cost of Goods Sold

2. Determine the Cost of Goods Manufactured for the fiscal year

3. Determine Net Income for the fiscal year

Revenue and Expenses			January 1 inventories
Purchases of raw materials	$171,000		Raw materials	$38,000
Direct labor	$205,000		Work in process	$41,000
Indirect labor	$35,000		Finished Goods	$105,000
Factory Rent	$84,500
Depreciation Expense - Factory Equipment	$25,000
Insurance - factory	$18,000		December 31 inventories
Salesperson's salaries	$92,000		Raw materials	$47,000
Maintenance - Factory Equipment	$14,000		Work in process	$25,000
Administrative Office Wages	$76,000		Finished goods	$93,000
Miscellaneous Expenses - Factory	$28,000
Miscellaneous Expenses- Office	$45,000		Raw Material Purchase Returns	$6,200
Net Sales Revenues	$950,000
CEO Salary	$100,000
Utilities Expense - Factory	$32,000
Administrative Office Rent	$34,000