Jones Corporation has provided the following data concerning last month's manufacturing operations.
Purchases of Raw Materials		$30,000
Indirect materials included in manufacturing overhead		$5,000
Direct labor		$58,000
Manufacturing overhead applied to work in process		$87,000
Actual manufacturing overhead costs		$91,000
Sales		$310,000
Selling expenses		$40,000
Administrative expenses		$70,000
Inventories	Beginning	Ending
Raw Materials	$12,000	$18,000
Work in Process	$56,000	$65,000
Finished Goods	$35,000	$42,000

3. Prepare an income statement for the month.

Income Statememt
Sales
Cost of Goods
Gross Profit
Selling Expenses
Administrative Expenses
Net Income