Chan Corporation found the following account information:

Work-in-process, 1.1.17	$10
Raw materials, 12.31.17	5
Finished goods, 12.31.17	12
Work-in-process, 12.31.17	2
Finished goods, 1.1.17	40
Raw materials, 1.1.17	30

Other information is as follows:

Utilities - plant	$ 5
Indirect manufacturing labor	20
Depreciation administrative offices	9
Revenues	350
Utilities administrative offices	14
Miscellaneous manufacturing overhead	10
Marketing, distribution and customer service costs	90
Direct materials purchased	80
Indirect labor administrative offices	30
Direct manufacturing labor	40
Depreciation manufacturing equipment	18
Plant supplies used	6
Property taxes on plant	13

Chans manufacturing system uses a three-part classification of direct materials, direct manufacturing labor, and manufacturing overhead cost.

REQUIRED:

1. Prepare a Cost of Goods Manufactured Statement.
2. Prepare a Cost of Goods Sold Statement.
3. Prepare an Income Statement.