Imagine you are a Cost Accountant at XYZ Corporation, a manufacturing company producing electronic gadgets. Given the following information regarding production costs for the year 2023, prepare a detailed income statement:
oDirect materials used: $500,000
oDirect labor: $300,000
oManufacturing overhead: $200,000
oSelling expenses: $50,000
oAdministrative expenses: $30,000
oSales revenue: $1,200,000