Learning Objective 6 Check Figure a $15.000 Problem 25-1A Objective: To calculate amounts and prepare a statement of cost of goods manufactured and an income statement Directions: From the following dara, find the missing numbers and then prepare a starement of cost of goods manufactured and an income statement for Lawson Company for the year ended December 31, 20X4 Raw materials inventory, January 1 $ 20.000 Raw materials inventory, December 31 (a) Raw materals purchases 190.000 Cost of raw materials used 175 000 Direct labor 225 000 Factory overhead (6) Total manufacturing costs 500.000 Work in process inventory January 1 Work in process inventory December 31 45.000 Total cost of goods in production 535 000 Cost of goods manufactured (d) Finished goods inventory, January 1 18,000 Finished goods inventory, December 31 (e) Cost of goods sold 493.000 Sales 713.000 Gross profit Operating expenses Net income 40 000