The following transactions and balances were noted during 2014 sales revenue 50000 work in process dec.31, 2014 30000 work in process jan.1, 2014 40000 selling and administrative expenses 150000 purchases of raw materials during 2015 180000 income tax expense 90000 raw materials inventory, dec. 31, 2014 25000 raw materials inventory jan.1, 2014 40000 direct labor 200000 utilities-plant 40000 depreciation-plant 60000 finished goods inventory, dec.31, 2014 50000 finished goods inventory, jan.1, 2015 20000 indirect material 10000 indirect labor 15000 other manufacting overhead 80000 prepare (1)a cost of goods manufactured statement for 2014 (2) an income statement for 2014.

note: both indirect maerial and direct maerials come out of the raw materials account.