M ULCOogress false Income Statement On August 1, Carte Company's work-in-process inventory consisted of three jobs with the following costs: Job 70 Job 71 Job 72 Direct materials $1,500 $2,000 $850 Direct labor 1,900 1,300 900 Applied overhead 1,425 975 675 During August, four more jobs were started. Information on costs added to the seven jobs during the month is as follows: Job 70 Job 71 Job 72 Job 73 Job 74 Job 75 Job 76 Direct materials $800 51,235 $3,550 $5,000 $300 $560 580 Direct labor 1,000 1,400 2,200 1,800 600 860 1 72 Before the end of August, Jobs 70, 72, 73, and 75 were completed. On August 31, Jobs 72 and 75 were sold Cairte's selling and administrative expenses for August were $1,200. Assume that Carte prices its jobs at cost plus 20 percent Required: Prepare an income statement for Cairle Company for August Cairle Company Income Statement For the Month of August