Income Statement $($With Cost of Goods Sold Adjustment$).$ Pierini Company had the following activity for the year ended December $31$:

Sales revenue $$5,000,000$

Selling expenses $ $825,000$

General and administrative expenses $ $570,000$

Cost of goods sold $($before adjustment$)$ $$2,900,000$

Overapplied overhead $ $99,000$

Required:

Prepare an income statement for year ended December $31.$