SuSu Manufacturing Company makes water heaters. Selected account balances on December 31, 20X1, the end of its fiscal year, are given below. Data about the beginning and ending inventories are also given.

Accounts	Balances
Sales	$	1,106,500
Sales Returns and Allowances		6,500
Materials Purchases		215,000
Direct Labor		250,000
Indirect Labor		40,000
Payroll TaxesFactory		29,000
UtilitiesFactory		20,500
Repairs and MaintenanceFactory		5,000
Indirect Materials and Supplies		5,000
DepreciationFactory Building		6,000
DepreciationFactory Equipment		5,000
InsuranceFactory		20,000
Property TaxesFactory		9,000
Sales Salaries Expense		150,000
Payroll Taxes ExpenseSelling		15,000
Delivery Expense		9,000
Advertising Expense		10,000
Miscellaneous Selling Expenses		26,000
Officers Salaries Expense		180,000
Office Salaries Expense		50,000
Payroll Taxes ExpenseAdministrative		23,000
Other Administrative Expenses		4,000
Income Tax Expense		4,095

Inventory Data	Jan. 1, 20X1				Dec. 31, 20X1
Finished Goods Inventory	$	32,000			$	30,000
Work in Process Inventory		45,000				40,000
Raw Materials Inventory		23,000				21,000

Required:

1. Prepare a statement of cost of goods manufactured for 20X1.
2. Prepare an income statement for 20X1.

Analyze: For every dollar earned in net sales, what portion was spent on manufacturing costs?

Complete this question by entering your answers in the tabs below.

• Stmt of COGM
• Income Stmt
• Analyze

Prepare an income statement for 20X1.