Using the following information for Superior Manufacturing Company, prepare the income statement for the year ended December 31, 2013. (Assume a 30 % income tax.)

Administrative Expenses................................................................................	$ 70,000
Finished Goods Inventory January 1, 2013.........................................................................................	120,000
Cost of Goods Manufactured during the year..........................................................................................	200,000
Finished Goods Inventory December 31, 2013.........................................................................................	60,000
Selling Expenses................................................................................	40,000
Sales........................................................................................	680,000