I am having troubles figuring this out. I feel that I am over think it, but need you help.

Income Statement (with cost of goods sold adjustment). Required: Prepare a income statement for year ended December 31.

Rambler Company had the following activity for the year ended December 31:

Sales revenue $2,050,000

Selling expenses $ 575,000

General and administrative expenses $ 330,000

Cost of goods sold (before adjustment) $ 700,000

Under-applied overhead $ 23,000