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 70,000 170,000 Raw-material inventory, December 31 25,000 Raw-material inventory, January 1 30,000 Direct labor 190,000 Utilities: plant 40,000 Depreciation: plant and equipment 60,000 Finished-goods inventory, December 31 50,000 Finished-goods inventory, January 1 15,000 Indirect material 6,000 Indirect labor 12,000 Other manufacturing overhead 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 $ 0 $ 0