Nexient Company Supplied the Following Data and Information on Inventories

Essay

Nexient Company supplied the following data and information on inventories at the end of the current year.
J January 1 December 31
Materials $21,000 $23,500
Work-in-process 17,500 8,500
Finished goods 26,000 27,000
Direct labour $ 40,000
Selling expenses 31,000
Sales revenue 400,000
Administrative expenses 14,500
Purchases of raw materials 62,000
Factory supervision 50,000
Factory supplies used 25,000
Required: Prepare an income statement of Nexient Company for the current year