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

Advertising expenses.........................................................$ 150,000
Depreciation expense—administrative office......................75,000
Depreciation expense—plant and equipment...................320,000
Depreciation expense—delivery trucks................................45,000
Materials Inventory, beginning...............................................16,000
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 for the year ended December 31, similar to those in Exhibit 3.15A.