The following information is available for Robstown Corporation for 20Y8:

InventoriesJanuary 1December 31Materials$44,250$31,700Work in process63,90080,000Finished goods101,20099,800 December 31Advertising expense$ 400,000Depreciation expense-office equipment30,000Depreciation expense-factory equipment80,000Direct labor1,100,000Heat, light, and power-factory53,300Indirect labor115,000Materials purchased556,600Office salaries expense318,000Property taxes-factory40,000Property taxes-office building25,000Rent expense-factory27,000Sales3,850,000Sales salaries expense200,000Supplies-factory9,500Miscellaneous costs-factory11,400 Required: a. Prepare the 20Y8 statement of cost of goods manufactured. b. Prepare the 20Y8 income statement.

Labels and Amount Descriptions

Labels For the Year Ended December 31, 20Y8 For the Month Ended December 31, 20Y8 Amount Descriptions Advertising expense Cost of direct materials used in production Cost of finished goods available for sale Cost of goods manufactured Cost of goods sold Cost of materials available for use Depreciation expense-factory equipment Depreciation expense-office equipment Direct labor Finished goods inventory, December 31, 20Y8 Finished goods inventory, January 1, 20Y8 Gross profit Heat, light, and power-factory Indirect labor Materials inventory, December 31, 20Y8 Materials inventory, January 1, 20Y8 Miscellaneous costs-factory Net income Office salaries expense Purchases Property taxes-factory Property taxes-office building Rent expense-factory Supplies-factory Sales Sales salaries expense Total manufacturing costs incurred in 20Y8 Total factory overhead Total manufacturing costs Total operating expenses Work in process inventory, December 31, 20Y8 Work in process inventory, January 1, 20Y8

Income Statement

b. Prepare the 20Y8 income statement.

Income Statement Instructions

Robstown CorporationIncome Statement 1 2Cost of goods sold: 3 4 5 6 7 8 9Operating expenses: 10Administrative expenses: 11 12 13 14Selling expenses: 15 16 17 18