Using the following information for Superior Manufacturing Company, prepare a manufacturing statement and an income statement for the year ended December 31, 2017. (Assume a 25% income tax.) Further assume that all raw materials used were direct materials and the factory overhead costs were totaled for you on a separate schedule.

Raw Materials Inventory January 1, 2017.	$20,000
Raw Materials Inventory December, 31, 2017..	40,000
Work in Process Inventory January 1, 2017.	50,000
Work in Process Inventory December 31, 2017	80,000
Finished Goods Inventory January 1, 2017...............................	120,000
Finished Goods Inventory December 31, 2017.........................	60,000
Administrative Expenses............................................................	30,000
Selling Expenses........................................................................	60,000
Sales...........................................................................................	600,000
Raw Materials purchases during 2017	150,000
Direct Labor ...	120,000
Factory Overhead (per separate schedule)	180,000