1. Daniels Co. produced 150,000 lamps during the past calendar year. Daniels had 2,500 floor lamps in finished goods inventory at the beginning of the year. At the end of the year, there were 11,500 floor lamps in finished goods inventory. The lamps sell for $50 each. Daniels accounting records provide the following information for the past year:

Purchases of direct materials	$1,675,000
Direct materials inventory, January 1	$380,000
Direct materials inventory, December 31	$327,000
Direct labor	$2,000,000
Indirect labor	$790,000
Depreciation, factory building	$1,100,000
Depreciation, factory equipment	$630,000
Property taxes on the factory	$65,000
Factory utilities	$150,000
Freight in	$1,500
Insurance on the factory	$200,000
Research and development	$120,000
Salary, sales supervisor	$85,000
Commissions, salesperson	$370,000
General administration	$390,000
Work in process inventory, January 1	$450,000
Work in process inventory, December 31	$750,000
Finished goods inventory, January 1	$1007,500
Finished goods inventory, December 31	$489,000

Required:

1. Prepare a cost of goods manufactured statement
2. Prepare an income statement
3. Compute the cost of producing one lamp in 2018