Macon Company supplied the following data and information on inventories at the end of the current year:

	January 1	December 31
Materials	$21,000	$23,500
Work in process	17,500	8,500
Finished goods	26,000	27,000

Direct labor	$40,000
Selling expenses	31,000
Sales revenue	400,000
Administrative expenses	14,500
Purchases of raw materials	62,000
Factory supervision	50,000
Factory supplies used	25,000

Required:

Prepare an income statement of Macon Company for the current year.

Macon Company
Income Statement
For the Year Ended December 31
	$fill in the blank 2
	fill in the blank 4
Gross margin	fill in the blank 5
	fill in the blank 7
	fill in the blank 9
	$fill in the blank 11