The following information is available for Ivanhoe Company. (Assume all raw materials used were direct materials.) January 1, 2022 2022 December 31, 2022 $28,080 $32,400 19.980 23,920 Raw materials inventory Work in process inventory Finished goods inventory Materials purchased Direct labor 32,400 22,680 $183,600 248,400 Manufacturing overhead 194,400 Sales 864,000 (b) Prepare an income statement through gross profit. IVANHOE COMPANY Income Statement > $