Income Statement (with cost of goods sold adjustment). Required: Prepare an income statement for year ended December 31. Rambler Company had the following activity for the year ended December 31: Sales revemte $2,050,000 Selling expenses 3 525,000 General and administrative expenses 35 330,000 Cost of goods sold (before adjustment] 3 700,000 Under-applied overhead 5: 23,000 Sales revenue : 1,950,000 Selling expenses : 913,000 Cost of goods sold : 1,037,000 Gross prot : 915,000 Under-applied overhead : 122,000