Ivanhoe Limited is a company that produces machinery te customer orders, using a normal job-order cost system. It applies manufacturing overhead fo production using a predetermined rate. This overhead rate is set at the begirning of each fiscal vear by forecasting the year 's overhead and relating it to direct labour costs. The budget for 2022 was as fellow: As at the end of the year, two jobs were incomplete. These wure 17680, with total direct ibour charges of $114,500, and 1819C, with total direct labour charges of $390.000. Machine hours were 287 hours for 1768B and 647 hours for 1819Ci. Direct materials issued for 17638 amounsed to $227000, and for 1819C they amounted to $420700 Total charges to the Manufacturing Overhead Control account for the year were $900,500, and irirect labour charges made to all jobs wnounted to $1,576,200, representing 247,900 direct labour hours. There were no begining inventories, In add tion to the ending work in process just described, the ending finished goods imentory account showed a batance of 5561,960 . Sales for the year amounted to $6,204,300, cost of goods sold totalled $3.652,740, and sales, seneral and administrative ewpenses Were 51,859,700 The above anvounts for inventories and the cost of goods sold have not been adjusted for any over-or under-application of manuitacturing over thead to production it is the company/s practice to allocate any coer-or under-applied owerhead to ifventories and the cost of poods soid: Prepare an income statement for the company for the yeac, The income tax rate is 400 . fRound onawers to the navest whale dollue; ex. 5.275