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$1,050,000Work-in-process inventory, December 3130,000Work-in-process inventory, January 140,000Selling and administrative expenses150,000Income tax expense70,000Purchases of raw material170,000Raw-material inventory, December 3125,000Raw-material inventory, January 140,000Direct labor180,000Utilities: plant40,000Depreciation: plant and equipment40,000Finished-goods inventory, December 3150,000Finished-goods inventory, January 110,000Indirect material6,000Indirect labor12,000Other manufacturing overhead60,000

3.Prepare San Fernando Fashions' income statement for the year.