The following data refer to San Fernando Fashions Company for the year 20x2: Sales revenue... Work-in-process inventory, December 31.. Work-in-process inventory, January 1. Selling and administrative expenses.. Income tax expense... Purchases of raw material. Raw-material inventory, December 31. Raw-material inventory, January 1 Direct labor. 70 70 Chapter 2 Basic Cost Management Concepts Utilities: plant. Depreciation: plant and equipment... Finished-goods inventory. December 31. Finished-goods inventory, January 1. Indirect material Indirect labor Other manufacturing overhead. Required: $950,000 30,000 Problem 2-43 Schedules of Cost of Goods Manufactured and Sold; Income Statement (LO 2-1, 2-3, 2-5, 2-6) 40,000 150,000 2. Cost of goods sold: $580,000 90,000 180,000 25,000 40,000 200,000 (continued) 1. Prepare San Fernando Fashions' schedule of cost of goods manufactured for the year. 2. Prepare San Fernando Fashions' schedule of cost of goods sold for the year. 3. Prepare San Fernando Fashions' income statement for the year. 40,000 60,000 50,000 20,000 10,000 15,000 80,000