Required information [The following information applies to the questions displayed below.] The following data refer to San Fernando Fashions Company for the year 20x2: Sales revenue Work-in-process inventory, December 31 Work-in-process inventory, January 1 Selling and administrative expenses Income tax expense Purchases of raw material $ 950,000 30,000 40,000 150,000 90,000 180,000 Raw-material inventory, December 31 25,000 Raw-material inventory, January 1 Direct labor 40,000 200,000 Utilities: plant 40,000 Depreciation: plant and equipment 60,000 Finished-goods inventory, December 31 50,000 Finished-goods inventory, January 1 Indirect material 20,000 10,000 Indirect labor Other manufacturing overhead 15,000 80,000 3. Prepare San Fernando Fashions' income statement for the year. SAN FERNANDO FASHIONS COMPANY Income Statement For the Year Ended December 31, 20x2 Income before taxes