Problem 2. The Jiffy Manufacturing Company started operations in 2012 when it acquired $100,000 from its owners. During the year, the company incurred the following costs:

RAW MATERIALS USED $40,000

LABOR $ 50,000

OVERHEAD $20,000

SELLING AND ADMISTRATIVE COSTS $30,000 The company placed 12,000 units into production, completed 10,000 units, and sold 8,000 units. The average selling price was $17 per unit. Required: 1) Prepare a schedule of cost of goods manufactured and sold for the year ended December 31, 2012. 2) Prepare an income statement for the year ended December 31, 2012.