Consider the following information for Fair Wind Yachts Inc., a manufacturer of sailboat rigging, blocks, and cordage.

Advertising expenses	$	153,000
Depreciation expenseadministrative office		76,200
Depreciation expenseplant and equipment		323,000
Depreciation expensedelivery trucks		47,100
Materials inventory, beginning		19,000
Materials inventory, ending		22,500
Direct materials purchases		425,000
Direct labor		524,000
Indirect labor		275,000
Finished goods inventory, beginning		55,600
Finished goods inventory, ending		44,200
Insurance on plant		33,800
Heat and light for plant		23,200
Repairs on plant building		37,500
Supervisors salaryplant		98,900
Suppliesplant		132,600
Suppliesadministrative office		78,900
Work-in-process inventory, beginning		32,500
Work-in-process inventory, ending		40,200
Sales representatives salaries		326,500
Sales revenue		2,947,000

Required:

Prepare a statement of cost of goods manufactured and an income statement for Fair Wind Yachts for the year ended December 31.