The account balances for 2022 for XYZ Production are as follows:

Sales Revenue	$475,000
Selling and administrative expenses	75,000
Income tax expense	45,000
Purchases of raw material	90,000
Raw material inventory, December 31	12,500
Raw material inventory, January 1	20,000
Direct labor	100,000
Utilities: plant	20,000
Depreciation: plant and equipment	30,000
Indirect material	5,000
Indirect labor	7,500
Other manufacturing overhead	40,000
Work in process inventory, December 31	15,000
Work in process inventory, January 1	20,000
Finished goods inventory, December 31	25,000
Finished goods inventory, January 1	10,000

Complete the following:

1. Prepare a cost of goods purchased statement for 2022.
2. Prepare a cost of goods sold statement for 2022.
3. Prepare the income statement for 2022.