During $2023$ Salam Manufacturing Company purchased $$90,000$ of raw materials and $p^{\text{a}\text{i}\text{d}}$$$100,000$ conversion costs.

Add information:

Beginning inventories: Materials $$1000$; Work$-$ in process $$7,000$; Finished Goods $$2,000.$

Ending inventories: Material $$3,000$; Work$-$ in process $$2,000$; Finished Goods $$1,000.$

Sales $$500,000$; Operational Expenses $$100,000.$

Labor $50\%$ of the conversion costs.

Instruction: Prepare the income statement for the year.