Isphase,Inc There Are No Beginning Inventories

Essay

Isphase,Inc.has provided the following financial data for the year:
$$\begin{array} { | l | r |r| } \hline \text { Units produced and sold } & 3,500& \text { units } \\\hline \text { Sales price } & \$ 220& \text { per unit } \\\hline \text { Direct materials } & \$ 25 &\text { per unit } \\\hline \text { Direct labor } & \$ 45& \text { per unit } \\\hline \text { Variable manufacturing overhead } & \$ 30& \text { per unit } \\\hline \text { Variable selling and administrative costs } & \$ 20& \text { per unit } \\\hline \text { Fixed manufacturing overhead } & \$ 105,000& \text { per year } \\\hline \text { Fixed selling and administrative costs } & \$ 140,000 &\text { per year } \\\hline\end{array}$$ There are no beginning inventories.Prepare an income statement for the year using the traditional format.