Simple Preparation of Income Statement in a Manufacturing Industry

Industrial Engineering Inc. a Manufacturing Company submits the following data for September:

Direct labor cost,         $30,000.
Cost of goods sold,      $111,000.
Factory overhead is applied at the rate of 150% of direct labor cost.

Inventory accounts showed these opening and closing balances
                                                                   Sept. 1                             Sept. 30
Raw materials                                              $ 7,000                             $ 7,400
Work in process                                             9,600                              13,000
Finished goods                                              15,000                             17,500
Other data
Marketing expenses                                                        $ 14,100
General and administrative expenses                                   22,900
Sales for the month                                                           182,000

Required: Prepare an income statement with schedule showing cost of goods manufactured and sold.