K Backyard Home is a manufacturer of backyard and deck furniture. Its products are in high demand and it carries no inventory. Following is a list of selected account balances from its trial balance for the most recent year ended December 31 (in no particular order.) (Click the icon to view the December 31 account balances.) Read the requirements. Requirement 1, 2, 3, and 4. To solve for the amounts required, prepare the income statement for Backyard Home for the year ended December 31. Backyard Home Income Statement For the Year Ended December 31 Sales revenue $ 300,000 Less: Cost of goods sold Wood $ 59,000 Stain 14,000. Indirect labor costs 19,000 Other manufacturing overhead 9,900 Utility costs 10,500 Labor costs 35,500 Total cost of goods sold 147,900 Gross profit $ 152,100 Less: Operating expenses Salaries and wages Rent and utilities Marketing costs Total operating expenses Operating income