The following data are for Gibco for the year 20x2:

Sales revenue ............................................................................................................................................ $950,000

Work-in-process inventory, December 31 .................................................................................................... 30,000

Work-in-process inventory, January 1 ......................................................................................................... 15,000

Selling and administrative expenses ............................................................................................................ 150,000

Income tax expense ................................................................................................................................... 75,000

Purchases of raw material .......................................................................................................................... 180,000

Raw-material inventory, December 31 ......................................................................................................... 24,000

Raw-material inventory, January 1 .............................................................................................................. 40,000

Direct labour .............................................................................................................................................. 200,000

Utilities: Plant ............................................................................................................................................. 40,000

Depreciation: Plant and equipment .............................................................................................................. 75.000

Finished-goods inventory, December 31 ...................................................................................................... 42,000

Finished-goods inventory, January 1 ........................................................................................................... 20,000

Indirect material ......................................................................................................................................... 10,000

Indirect labour ........................................................................................................................................... 15,000

Other manufacturing overhead .................................................................................................................... 80,000

Required:

1. Prepare the company's schedule of cost of goods manufactured for the year.
2. Prepare the company's schedule of cost of goods sold for the year.
3. Prepare the company's income statement for the year.