The following information has been extracted from the books of

      Lame Company for the year ended December 31, 2018:

     

                            January 1, 2018          December 31, 2018

         Direct Materials       $20,000                    $19,000

         Work-in-Process         65,000                     57,000

         Finished Goods          32,000                     16,000

     

             Sales, Net - - - - - - - - - - $425,000

             Materials Purchases, Net - - -  160,000

             Direct Labor - - - - - - - - -   65,000

             Indirect labor - - - - - - - -   40,000

             Selling Expense  - - - - - - -   60,000

             Factory Rent - - - - - - - - -   19,000

             Office Rent  - - - - - - - - -   16,000

             Depreciation, Factory Equipment  25,000

             Depreciation, Office Equipment    8,000

             Factory Utilities  - - - - - -   19,000

             Office Utilities - - - - - - -    3,800

             Factory Supplies - - - - - - -    4,200

             Office Supplies  - - - - - - -    2,000

     

      Prepare the income statement of the Lame Company for the  year ended December 31, 2018. You must use the single schedule, multi-step method presented in class and used on the spreadsheet assignment (not the income by function method).