End of fiscal year 2022, John Co. had the following balances:

Raw materials inventory: $45,500

Work in process inventory: 87400

Finished goods inventory: 25600

During 2022, the company purchased raw materials costing $224000 and used $218000 of those raw materials in production. Total direct labor costs amounted to $187,500. Overhead applied to work in process was $98,000 but actual overhead costs totaled $102,600. During the year, the company completed products costing $511,000. Their total selling and admin expenses were $98,000. Product sales were $714,000 for goods costing $510,000 to produce. All transactions were cash.

Prepare a schedule of costs of goods manufactured and sold for the year 2022.

Prepare an income statement for 2022.