Consider the following information for Fair Wind Yachts, Inc., a manufacturer of sailboat rigging, blocks, and cordage.

 

Advertising Expenses…………………………………….	$ 150,000
Depreciation Expense--Admin. Office……………………	75,000
Depreciation Expense--Plant and Equip………………….	320,000
Depreciation Expense - Delivery Trucks………………….	45,000
Direct Materials Inventory, Beginning……………………..	16,000
Direct Materials Inventory, Ending………………………..	18,000
Direct Materials Purchases……………………………….	410,000
Direct Labor……………………………………………..	512,000
Indirect Labor……………………………………………	269,000
Finished Goods Inventory, Beginning……………………..	55,000
Finished Goods Inventory, Ending………………………..	43,000
Insurance on Plant………………………………………..	32,000
Heat and Light for Plant………………………………….	22,000
Repairs on Plant Building…………………………………	36,000
Supervisor's Salary Plant…………………………………	98,000
Supplies—Plant………………………………………….	132,000
Supplies--Administrative Office…………………………..	78,000
Work-in-Process Inventory, Beginning……………………	31,000
Work-in-Process Inventory, Ending………………………	39,000
Sales Representatives' Salaries……………………………	325,000
Sales Revenue……………………………………………	2,885,000

Required

Prepare a statement of cost of goods manufactured and an income statement for Fair Wind Yachts, Inc., for the year ended December 31.