Refer to the information for Morning Smiles Coffee Company on the previous page.

Morning Smiles Coffee Company manufactures Stoneware French Press coffee makers and sold 8,000 coffee makers during the month of March at a total cost of $612,500. Each coffee maker sold at a price of $100. Morning Smiles also incurred two types of selling costs: commissions equal to 5% of the sales price and other selling expense of $45,000. Administrative expense totaled $47,500.

Required:

Prepare an income statement for Morning Smiles for the month of March.