W. W. Phillips Company produced 4,000 leather recliners during the year. These recliners sell for $400 each. Phillips had 500 recliners in finished goods inventory at the beginning of the year. At the end of the year there were 700 recliners in finished goods inventory. Phillips accounting records provide the following information:

1. Prepare a cost of goods manufactured statement.
2. Prepare a cost of goods sold statement.
3. Prepare an income statement.
4. Determine the prime costs.
5. Determine the conversion costs.
6. Determine the inventoriable costs added during the year.
7. Determine the period costs.

persons office Purchases of raw materials Direct labor Plant supervisor Rent factory building Depreciation, factory equipment Utilities, sales persons Depreciation, sales persons equipment Utilities factory Salaries sales supervisor Commissions sales persons General administration Raw Materials Inventory, 1.1.2019 Raw Materials Inventory, 12.31. 2019 Work in process inventory, 1.1.2019 Work in process inventory, 12.31.2019 Finished goods inventory, 1.1.2019 Finished goods inventory, 12.31.2019 $310,000 200,000 40,000 45,000 60,000 13,000 42,000 14,000 90,000 180,000 300,000 50,000 75,000 23,000 17,000 80,000 114,500