Consider the following information for Huntersville, Inc., for the fiscal year ended December 31.

Depreciation expense—administrative office	$ 32,000
Depreciation expense: plant and equipment	86,000
Direct labor: wages	487,000
Direct Materials Inventory, December 31	26,000
Direct Materials Inventory, January 1	19,000
direct purchases of materials	155.000
Finished Goods Inventory, December 31	38,000
Finished Goods Inventory, January 1	15,000
Heat, light and power plant	44.000
indirect work	25,000
Property taxes—plant	34,000
Sales Representative Salaries	145.000
sales revenue	1,495,000
factory supervisor salary	66,000
Supplies—administrative office	16,000
supplies—plant	29,000
Work in Process Inventory, December 31	9,000
Work in Process Inventory, January 1	23,000

Required

Prepare a statement of cost of goods manufactured and an income statement for Huntersville for the year ended December 31,