Prepare a formal income statement for the year ended August, 31 2020 using the traditional method.

Here at JHCF, bottles are produced in one size - quarts.Selected data for the most recent year ended August, 31, 2020 are provided in Table 2. We also have a conventional accounting system which keeps track of overhead costs in four categories: bottling equipment, facilities, processing, and general and administrative. There are sub- accounts in each of these accounts except for bottling equipment. The accounts, sub- accounts and costs for the most recent operating year ended August 31, 2020 are shown in Table 3. We grow on site most of the feed needed at the dairy farm. The cost of producing the feed and some additional feed purchased during the year is included under labor and materials for other processing costs. In addition to the overhead costs, we have direct costs for bottles and other materials. These materials are purchased from a variety of suppliers. Each glass bottle costs us $0.75, including both purchase and recycling cost. Other ingredients include cocoa, sugar, and spices.Cocoa, used in the production of chocolate milk, costs

$0.05 per bottle. Sugar, used in both chocolate milk and eggnog, costs $0.05 per bottle. Spices and eggs, used to make eggnog, cost $0.08 per bottle. During the most recent year, in total, 65,700 ounces of sugar and cocoa were used in the production of chocolate

milk, and 76,650 ounces of sugar and spice and 15,600 dozen eggs were used in the production of eggnog.

Table 2: Selected Data for the Most Recent Year Ended August 31, 13* Whole Low-Fat Skim Chocolate Milk Milk Milk Milk Eggnog 145 500 333 455 525 Number of Invoices 292,000 730,000 511,000 219,000 187,000 Number of Bottles Produced 373 933 653 290 270 Number of Purchase Orders 48 66 85 71 43 Number of Customers 166 304 236 144 135 Labor Hours, Warehousing 2 2 3 4 Number of Quality Checks per Order 87 422 345 132 1 12 Machine Hours, Separating 0 385 355 Machine Hours, Mixing 199 433 312 187 177 Machine Hours, Bottling 98 312 177 88 122 Labor Hours, Clean and Repair " Bottles are produced in one size - quarts. The products produced by JHCF and current prices received by JHCF are as follows: Whole Milk, $1.90 per quart Low-Fat Milk, $1.90 Skim Milk, $1.90 Chocolate Milk, $1.90 Eggnog, $2.25Jenna's Happy Cows Farm Table 3: Overhead (Resource) Costs for Year Ended August 31, 13 ACCOUNTS SUB ACCOUNTS ACTUAL COSTS Bottling Equipment $1.528.620 Other Facilities Costs Utilities 72,395 Depreciation 22.976 Property Tax 10.014 Total Other Facilities Cost $105,385 Other Processing Costs Labor and materials 428.800 Supplies 4.278 Equipment repairs and maintenance 21,565 Depreciation 13.688 Total Other Processing Cost $ 468.331 General and Administrative Administration 105.522 Interest Expense 23.471 Total General and Administrative 128.993 Total 2.231.329