P18-33. Cost of Goods Manufactured and Income Statement Following is information from the records of the Savoy Company for July. Purchases Raw materials . . . . $150,000 Manufacturing supplies. ... 2,500 Office supplies . . . 1.000 Sales. . .. . . .. . . .... . 583,500 Administrative salaries . . . . . . 46,000 Direct labor . . . . . . . . . 105,000 Production employees' fringe benefits" 10,500 Sales salaries and commissions .... .. . .. .. .. 45.000 Production supervisors' salaries.. . . . . .. 10,000 Plant depreciation, . . . 12,000 Office depreciation . 3,000 Plant maintenance 8,000 Plant utilities . . . . . 7,500 Office utilities . . . . . . . . 2.500 Office maintenance. .. 4.200 Production equipment rent . .. . ... . 4,000 Office equipment rent. ..... ... .. . ........ 1,000 * Classified as manufacturing overhead Inventories July 1 July 31 Raw materials.... .. . . ....... $25,000 $28,000 Manufacturing supplies. . . . . . 4,000 3,500 Office suppliespoint 1,500 1,000 Work-in-process ... .. 18,000 15,000 Finished goods . 90,450 88,600 Required Prepare a statement of cost of goods manufactured and an income statement. Actual overhead costs are assigned to products