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