Andrew Corp, as manufacturing company, produces a single product, a porcelain tea set product. These are the information that you gathered as their accountant in the company. You get all the datas for the previous year.

Production in units	35,000
Sales in units	?
Ending finished goods inventory in units	?
Sales in dollars	$ 1,500,000
Cost
Direct Labor	$ 120,000
Raw material purchased	$ 430,000
Manufacturing overheda	$ 280,000
Selling and adminintrative expense	$ 350,000
Selling price per unit	$ 50

Inventories	Beginning of the year	Ending of the year
Raw materials	15,000	45,000
Work in process	30,000	25,000
Finished goods	10,000	?

The finished goods inventory is being carried at the average unit production cost for the year. The selling price of the products is $50 per unit. Required:

1. Prepare a schedule of Cost of Goods Manufactured for the year and explain the result!

2. Prepare an income statement for the year and explain the result!