Revenue	$ 281,000
Beginning inventory of direct materials, January 1, 2019	27,000
Purchases of direct materials	45,000
Ending inventory of direct materials, December 31, 2019	23,000
Direct manufacturing labor	17,000
Indirect manufacturing costs	34,000
Beginning inventory of finished goods, January 1, 2019	52,500
Cost of goods manufactured	100,000
Ending inventory of finished goods, December 31, 2019	59,000
Operating costs	65,900

Assignment:

Prepare an income statement for the year (10 points).

Prepare a cost of goods sold schedule for the year (10 points).