COST OF GOODS MANUFACTURED AND "SOLD STATEMENTS AND NET INCOME OR LOSS The Stiff Shirt Company has just completed its third year of operation. Sales for the year were $1,300,000, and inventories were as follows: Costs for the period were as follows: Selling expenses were $26,000. General and administrative expenses were $82,000. Required: a Prepare the following statements: 1 Cost of goods manufactured 2 Cost of goods sold b Compute the net income or loss