Schedule of cost of goods manufactured, income statement

The following information was taken from the ledger of Jefferson Industries, Inc.:

Direct labor	$85,000		Administrative expenses	$59,000
Selling expenses	34,000		Work in. process:
Sales	300,000		Jan. 1	29,000
Finished goods			Dec. 31	21,000
Jan. 1	115,000		Direct material purchases	88,000
Dec. 31	131,000		Depreciation: factory	18,000
Raw (direct) materials on hand			Indirect materials used	10,000
Jan. 1	31,000		Indirect labor	24,000
Dec. 31	40,000		Factory taxes	8,000
			Factory utilities	11,000

Prepare the following:

a. A schedule of cost of goods manufactured for the year ended December 31.

b. An income statement for the year ended December 31.