Technology Business Solutions Income Statement Sales Cost of goods sold $331,000 Finished goods inventory, beginning 43,500 Add: Cost of goods manufactured 173.250 Cost of goods available for sale 216,750 Deduct: Finished goods inventory, ending 47,450 Unadjusted cost of goods sold 169,300 Add: Underapplied overhead 13,800 Adjusted cost of goods sold 183,100 Gross margin 147,900 Selling and administrative expenses: Administrative salaries expense 21,000 Selling expense 45,000 Utility Expense 5,000 Depreciation expense 8.000 79,000 Net operating income 68,900 St