The following information is for Twisp Industries for the year ended December 31, 2011:

Depreciationequipment $ 180,000

Direct labor 2,568,000

Direct materials inventory, 1/1/11 366,000

Direct materials inventory, 12/31/11 372,000

Factory rent 305,640

Finished goods, 1/1/11 528,000

Finished goods, 12/31/11 690,000

General expenses of $1,200,000

Indirect labor 150,000

Indirect materials 105,000

Purchases of direct materials 2,580,720

Sales of $13,503,000

Selling expenses of $2,400,000

Work in process, 1/1/11 121,200

Work in process, 12/31/11 114,660

TICKLERS (optional) Worksheet. The MFG2 worksheet presents the companys manufacturing activities for 2011. The company also had the following selling and general activities in 2011: sales of $13,503,000, selling expenses of $2,400,000, and general expenses of $1,200,000. Modify the worksheet to include this information in the Data Section and change the Answer Section so that it is in the form of an income statement. Preview the printout to make sure that the worksheet will print neatly on one page, and then print the worksheet. Save the completed file as MFGT. Hint: Expand the Data Section to include these additional input items alphabetically. Insert a row for sales under the heading in the Answer Section. Add the rest of the income statement information to the bottom of the schedule. You will need to enter formulas for gross profit, all the expenses, and net income. You will also need to change the statement name.