Using the following information for ABC Manufacturing Company, prepare the income statement for the year ended December 

$31,2023.($Assume a $30\%$ income tax.$)$

$..$Finished Goods Inventory January $1,2023...................................................$

$ $130,000$

Administrative Expense..............................

$81,500$

Cost of Goods Manufactured during the year..........................

$248,000$

Finished Goods Inventory December $31,2023.........................$

$78,600$

Work in Process inventory, January $1,2023$

$41,500$

Work in Process inventory, January $1,2023$

$36,000$

Selling Expense

$38,900$

Sales...........................................................................................

$720,000$

Raw materials inventory, December $31,2023$

$23,000$

Raw materials inventory, January $1,2023$

$35,000$

Advertising Expense

$43,800$

Answer rating: 100% (QA)

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