The Sebeka Company reports the following information pertaining to the month of January.

	Ending Balance			Beginning Balance
Materials Inventory	$	15,000		$	45,000
Work in Process Inventory		30,000			70,000
Finished Goods Inventory		50,000			40,000

During January, the company purchased $60,000 of direct materials and incurred $80,000 of direct labor costs. Total manufacturing overhead costs for the month amounted to $25,000. Selling and administrative expenses amounted to $100,000, and the companys January sales amounted to $500,000.

a. Prepare Sebekas schedule of the cost of finished goods manufactured.

b. Prepare Sebekas income statement (ignore income taxes).