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The Sebeka Company reports the following information pertaining to the month of January

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The Sebeka Company reports the following information pertaining to the month of January.

 Ending

Balance Beginning

Balance Materials Inventory$15,000 $45,000 Work in Process Inventory 30,000  70,000 Finished Goods Inventory 50,000  40,000 

During January, the company purchased $60,000 of direct materials and incurred $80,000 of direct labor costs. Total manufacturing overhead costs for the month amounted to $25,000. Selling and administrative expenses amounted to $100,000, and the company's January sales amounted to $500,000.

a. Prepare Sebeka's schedule of the cost of finished goods manufactured.

b. Prepare Sebeka's income statement (ignore income taxes).