XYZ, Co. commenced operations in 2014. The company provided the following information for the year ended December 31, 2014. (No beginning inventories).

Administrative costs - $20,000

Depreciation on factory equipment - $11,000

Indirect materials - $6,000

Marketing and distribution costs - $17,000

Salaries for factory supervisors - $15,000

Wages for production workers - $18,000

Raw materials used - $24,000

Sales revenue - $103,000

Selling costs - $14,000

Utilities for production facilities - $9,000

Ending work in process inventory - $25,000

Ending finished goods inventory - $15,000

Required:

1. Prepare a schedule of cost of goods manufactured and sold for the year ended December 31, 2014.

2. Prepare an income statement for the year ended December 31, 2014