The following information has been extracted from the records of Target Company:

Sales ....................................................................................$400,000

Purchases of direct materials...............................................$70,000

Indirect labor ........................................................................$10,000

Indirect materials ....................................................................$4,000

Depreciation of factory equipment .......................................$15,000

Depreciation of factory buildings .........................................$11,000

Depreciation of administrative building ................................$41,000

Marketing costs ......................................................................$25,000

Direct labor ..........................................................................$180,000

Direct materials inventory, 12-31-07 ....................................$14,000

Work in process, 1-1-07 .........................................................$31,000

Direct materials inventory, 1-1-07 .........................................$10,000

Work in process, 12-31-07 .....................................................$23,000

Finished goods inventory, 1-1-07 ..........................................$49,000

Finished goods inventory, 12-31-07.......................................$44,000

Prepare the following statements in good form: COST OF GOOD MANUFACTURED, COST OF GOODS SOLD, and INCOME STATEMENT. Please use the attached form for your answers