The following transactions pertain to Raff Manufacturing Company. 1- The company purchased materials of $15,000 cash. 2- The company consumed (used) materials of $40,000. 3- The company paid $2 per direct hour labor 4- The overhead cost $5 per direct hour. 5- Each unit of the final product consumes 30 minutes. 6- Total produced units during the year 10,000 unit. 7- Beginning inventories: materials $30,000; WIP $2,000; FG $3,000. 8- Ending inventories: materials $5,000; WIP $2,000; FG $3,000. 9- The company sold 5,000 units $100 per unit. 10- The operational expenses were $15,000. Instructions: Prepare the income statement.