Income statement (with cost of goods sold adjustment)

(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

Upper-applied overhead- $ 23,000

Please provide each step clearly.