Cost of Goods Sold and Income Statement

Information from the records of Joe Corporation for January 2021 is as follows

Direct materials used in production $ 64,900

Indirect labor 25,000

Direct labor 32,500

Depreciation on factory machinery 12,000

Sales 205,900

Selling expenses 13,000

Administrative expenses 8,000

Cost of goods manufactured 161,300

Beginning Ending

Materials Inventory $30,000 $30,100

WIP Inventory 9,000 10,100

Finished Goods Inventory 22,000 20,100

Required:

1. What is the Cost of Goods Sold?

2. Prepare an income statement in the proper format. Include a column taking each line item as a % of sales (round percentages to one decimal point).