Sales revenue Work-in-process inventory, December 31 Work-in-process inventory, January 1 Selling and administrative expenses 950,000 30,000 36,000 150,000 Income tax expense 90,000 Purchases of raw material Raw-material inventory, December 31 Raw-material inventory, January 1 Direct labor Utilities: plant Depreciation: plant and equipment Finished-goods inventory, December 31 Finished-goods inventory, January 1 Indirect material Indirect labor Other manufacturing overhead 170,000 25,000 40,000 180,000 40,000 50,000 50,000 15,000 8,000 12,000 60,000 3. Prepare San Fernando Fashions' income statement for the year Answer is complete but not entirely correct. SAN FERNANDO FASHIONS COMPANY Income Statement For the Year Ended December 31, 20x2 Sales revenue Less: Cost of goods sold Gross margin Seling and administrative expenses s 950,000 335,000 @s 615.000 150,000