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The following data refer to San Fernando Fashions Company for the year 20x2:

Sales revenue	$	1,050,000
Work-in-process inventory, December 31		30,000
Work-in-process inventory, January 1		32,000
Selling and administrative expenses		150,000
Income tax expense		80,000
Purchases of raw material		160,000
Raw-material inventory, December 31		25,000
Raw-material inventory, January 1		40,000
Direct labor		180,000
Utilities: plant		40,000
Depreciation: plant and equipment		40,000
Finished-goods inventory, December 31		50,000
Finished-goods inventory, January 1		20,000
Indirect material		8,000
Indirect labor		12,000
Other manufacturing overhead		60,000
Prepare San Fernando Fashions income statement for the year. sales revenue 1,050,000 less cost of goods gross margin selling and administrative expenses 150,000 income before taxes income tax expense 80,000 total