Prepare an income statement

The following information is available for Pharoah Company. (Assume all raw materials used were direct materials.) Raw materials inventory Work in process inventory Finished goods inventory Materials purchased Direct labor Manufacturing overhead Sales January 1, 2022 $23,400 16,650 27,000 2022 $153,000 207,000 162,000 720,000 December 31, 2022 $27,000 19,960 18,900