Thomson Company, a manufacturing firm, has supplied you with the following information from its accounting records for the last calendar year. Direct labour $371,500 Purchase of direct materials $160,400 Freight in on materials $1,000 Factory supplies used $37,800 Factory utilities $46,000 Commission to salesmen $80,000 Factory supervision and indirect labour $190,000 Advertising expenses $23,900 Material handling $26,750 Work in process inventory 1st January $201,000 Work in process inventory 31st December $98,000 Direct material inventory, 1st January $47,000 Direct material inventory, 31st December $17,000 Sales revenue $1,600,000 Finished goods inventory, 1st January $28,000 Finished goods inventory, 31st December $45,200 Selling expenses $13,000 Administrative expenses $12,000 Required;

Prepare an income statement from the above information ( 06marks)