The following data (in thousands of dollars) have been taken from the accounting records of Larner Corporation for the year just completed: Sales $860 Purchase of raw materials 150 Direct labour 110 Manufacturing overhead 210 Administrative expenses 130 Selling expenses 180 Raw materials inventory, beginning 40 Raw materials inventory, ending 80 Work-in-process inventory, beginning 20 Work-in-process inventory, ending 80 Finished goods inventory, beginning 80 Finished goods inventory, ending 150

(c) Using data from your answers above as needed, prepare an income statement in good form.