Use the following information to prepare the required financial statements as instructed below:
- Administrative salaries expense $119,000
- Advertising expense 12,000
- Direct labor 110,000
- Depreciation expense, factory 18,000
- Finished goods inventory,1/1 27,000
- Accounting and auditing expense 50,000
- Direct material inventory,1/1 42,000
- Plant maintenance expense 35,000
- Work in process inventory,1/1 9,000
- Sales discount 15,000
- Factory cleaning expense 30,000
- Direct material purchases 177,000
- Manufacturing design expense 3,000
- Legal expense 9,000
- Gross sales 998,000
- Indirect material 22,000
- Depreciation expense 16,000
- Plant property tax expense 8,000
- Direct material inventory,12/31 39,000
- Indirect labor 48,000
- Manufacturing waste expense 15,000
- Work in process inventory, 12/31 7,000
- Storage and warehouse expense 12,000
- Finished goods inventory, 12/31 29,000
- Freight out 11,000
- Security expense, plant 27,000
- Sales returns and allowances 4,000
- Other manufacturing overhead 13,000
- Utilities expense 5,000
- Plant warehouse expense 8,000
- Insurance expense, selling 7,000
- Research expense, Plant 15,000
- Consulting expense 21,000
- Factory quality control expense 13,000
- Store rental expense 55,000
Instructions: Prepare the cost of goods manufacturing schedule and a separate income statement for Joy and Peace Manufacturing Company for the year ended December 31, 2013