The data is for the year completed by Manson Company.

Sales	$524,000
Direct Labor Cost	$70,000
Raw Material Purchases	$118,000
Selling Expenses	$140,000
Administrative Expenses	$63,000
Actual Manufacturing Overhead Costs	$80,000

Inventories	Beginning	Ending
Raw Materials	$7,000	$15,000
Work in Process	$10,000	$5,000
Finished Goods	$20,000	$35,000

Prepare a Cost Statement and Income Statement for the year for Manson Company.