Prairie Plant Company Supplied the Following Data at the End

Essay

Prairie Plant Company supplied the following data at the end of the current year:
Sales commissions $ 15,000
Sales revenue 150,000
Research and development 17,000
Finished goods inventory, Jan. 1 7,500
Work-in-process inventory, Jan 1 9,000
Finished goods inventory, Dec. 31 6,000
Work-in-process inventory, Dec. 31 11,000
Cost of goods manufactured 50,000
Required: Prepare an income statement for Prairie Plant Company.