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The following data refer to Twisto Pretzel Company for the year 20x1

Accounting

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The following data refer to Twisto Pretzel Company for the year 20x1. 

 

 

 

Work-in-process inventory, 12/31/x0 $ 7,900  

Selling and administrative salaries 13,700  

Insurance on factory and equipment 3,600  

Work-in-process inventory, 12/31/x1 8,300  

Finished-goods inventory, 12/31/x0 14,000  

Cash balance, 12/31/x1 6,000  

Indirect material used 4,600  

Depreciation on factory equipment 2,100  

Raw-material inventory, 12/31/x0 10,200  

Property taxes on factory 2,400  

Finished-goods inventory, 12/31/x1 15,200  

Purchases of raw material in 20x1 39,000  

Utilities for factory 6,000  

Utilities for sales and administrative offices 2,500  

Other selling and administrative expenses 3,800  

Indirect-labor cost incurred 29,000  

Depreciation on factory building 3,600  

Depreciation on cars used by sales personnel 1,200  

Direct-labor cost incurred 79,000  

Raw-material inventory, 12/31/x1 11,000  

Accounts receivable, 12/31/x1 4,100  

Rental for warehouse space to store raw material 3,000  

Rental of space for company president's office 1,600  

Applied manufacturing overhead 58,000  

Sales revenue 205,800  

Income tax expense 5,100  

 Prepare the company's income statement for 20x1.