Prepare an income statement:

For the fiscal year 2010, the Acme Machinery Corporation accumulated the following data:

Sales 870,230

Sales Returns & Allowances 33,720

Finished Goods, 1/1 96,640

Finished Goods, 12/31 92,990

Cost of Goods Manufactured 649,513

Overapplied or Underapplied Overhead 2,890 Cr. Balance

Selling Expenses 72,122

Administrative Expenses 82,428

Provision for Income Taxes 29,721