Given the following selected account balances of Shanta Company, prepare an income statement for…

 
   

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Given the following selected account balances of Shanta Company, prepare an income statement for Shanta Company (a manufacturer). Assume that its cost of goods manufactured is $534,390. ,Sales ……………………………………………………………………….$1,250,000,Raw materials inventory, Dec. 31, 2007 ……………………………37,000,Goods in process inventory, Dec. 31, 2007 ……………………….53,900,Finished goods inventory, Dec. 31, 2007 ………………………….62,750,Raw materials purchases ……………………………………………….175,600,Direct labor ………………………………………………………………….225,000,Factory computer supplies used ……………………………………….17,840,Indirect labor …………………………………………………………………47,000,Repairs-Factory equipment ……………………………………………….5,250,Rent cost of factory building …………………………………………..57,000,Advertising expense ……………………………………………………….94,000,General and administrative expenses ………………………………..129,300,Raw materials inventory, Dec. 31, 2008 ……………………………..42,700,Goods in process inventory, Dec. 31, 2008 ………………………….41,500,Finished goods inventory, Dec. 31, 2008 ……………………………..67300