The following cost data relate to the manufacturing activities of Black Company during the just completed year:

Manufacturing overhead costs:
Property taxes, factory . . . . . . . . . . . . . . . . . . . . . . . $ 3,000
Utilities, factory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5,000
Indirect labor . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,000
Depreciation, factory. . . . . . . . . . . . . . . . . . . . . . . . . 24,000
Insurance, factory . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,000
Total actual manufacturing overhead costs . . . . . . . . $48,000
Other costs incurred:
Purchases of raw materials. . . . . . . . . . . . . . . . . . . . $32,000
Direct labor cost . . . . . . . . . . . . . . . . . . . . . . . . . . . . $40,000
Inventories:
Raw materials, beginning . . . . . . . . . . . . . . . . . . . . . $8,000
Raw materials, ending . . . . . . . . . . . . . . . . . . . . . . . $7,000
Work in process, beginning. . . . . . . . . . . . . . . . . . . . $6,000
Work in process, ending . . . . . . . . . . . . . . . . . . . . . . $7,500
The company uses a predetermined overhead rate to apply overhead cost to production. The rate for the year was $5 per machine-hour; a total of 10,000 machine-hours was recorded for the year. All raw materials ultimately become direct materials—none are classified as indirect materials.

Required:
Prepare a schedule of cost of Goods Sold and Income statement for the year.