Problem D Log Cabin Homes, Inc., uses a job cost system to account for its jobs, which are prefabricated houses. As of January 1, its records showed inventories as follows: \begin{tabular}{|l|l|l|} \hline Materials and supplies $100,000 & \\ \hline Work in process (Job Nos. 22 and 23) 180,000 & \\ \hline Finished goods (Job No. 21) 140,000 & \\ \hline \end{tabular} The work in process inventory consisted of two jobs as follows: Costs and Sales data: - Materials purchased on account, $400,000 - Direct Materials used: Job No. 22, $60,000; Job No. 23, $120,000; Job No. 24, 180,000 . - Indirect materials used, $10,000. - Direct labor costs: Job No. 22, $100,000; Job No. 23, $200,000; and Job No. 24, $80,000. - Indirect labor costs, $80,000. - Overhead is assigned to jobs at $100 per machine-hour. Job No. 22 used 500 machine-hours, Job No. 23 used 1,00o machine-hours, and Job No. 24 used 300 machine-hours in January. - Job No. 22 and 23 were completed and transferred to Finished Goods Inventory. - Job No. 21 and 22 were sold on account for $1,200,000, total. - Manufacturing overhead costs incurred, other than indirect materials and indirect labor, were depreciation, $60,000, and heat, light, power, miscellaneous, $30,000 (to be paid next month). c. Assuming general and admintstrathe expenses were \$\$oo,00o, prepare an fncome statement. Leg Cabin Homes, linc. Inceme Sasement Foe Yex Gided December 31. Syles Less-Cest of Goeds Seld Gress Profis Net inceme