Advertising expense $22,250 Direct labor $564,500

Depreciation expense Office Equip $10,440 Income taxes expense $138,700

Depreciation expense Selling Equip. $ 12,125 Indirect labor $61,000

Depreciation expense Factory Equip. $37,400 Misc. Production costs $10,400

Factory supervision $123,400 Office salaries expense $ 72,875

Factory supplies used (indirect materials) $8,060 Raw Materials purchased $896,375

Factory utilities $39,500 Rent expense- office $25,625

INVENTORIES: Rent expense- selling space $29,000

Raw Materials, Dec 31, 2018 $42,375 Rent expense- factory building $95,500

Raw Materials, Dec 31, 2019 $72,430 Maintenance expense- factory $32,375

Goods-in-Process, Dec 31, 2018 $14,500 Sales $5,002,000

Goods-in-Process, Dec 31, 2019 $16,100 Sales discounts $59,375

Finished Goods, Dec 31, 2018 $179,200 Sales salaries expense $297,300

Finished Goods, Dec 31, 2019 $143,750

1. Prepare Income Statement

DATE	ACCOUNT NAMES	DEBIT	CREDIT
A	Raw Materials Inventory
	Accounts Payable
B	Goods-in-Process Inventory
	Raw Materials Inventory
C	Factory Payroll
	Cash
D	Goods-in-Process Inventory
	Factory Overhead
	Factory Payroll
E	Factory Overhead
	Accum. Dep., Factory
	Cash
F	Goods-in-Process Inventory
	Factory Overhead
G	Finished Goods Inventory
	Goods-in-Process Inventory
H	Cost of Goods Sold
	Finished Goods Inventory
I	Factory Overhead
	Cost of Goods Sold

5. Prepare the following journal entries from the information in the table above. You may complete the journal entries first, then go back and finish filling in the T-accounts in requirement #4 if this helps you work through this problem.

   Record the following transactions:

   1. Purchases of raw materials inventory on account for the year.

   2. Assignment of materials costs to Goods-in-Process Inventory (all materials are

      considered direct).

   3. Payment of Factory Payroll in cash.

   4. Assignment of Factory Payroll to Goods-in-Process Inventory and Factory Overhead.

   5. Record all other Factory Overhead. Assume everything except Depreciation is paid

      in cash.

   6. Assignment of Factory Overhead to Goods-in-Process Inventory, assuming the

      company uses a POHR of 75%

   7. Transfer of goods completed to Finished Goods Inventory.

   8. Recording of Cost of Goods Sold.

   9. Make your adjusting entry for any over- or under-applied Factory Overhead.

Can you please just help me with the Income Statement Please.