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:
Required: Prepare an income statement for Prairie Plant Company.
$\begin{array}{lr}\text { Sales commissions } & \$ 15,000 \\\text { Sales revenue } & 150,000 \\\text { Research and development } & 17,000 \\\text { Finished goods inventory, Jan. 1 } & 7,500\\\text { Work-in-process inventory, Jan } 1 & 9,000 \\\text { Finished goods inventory, Dec. } 31 & 6,000 \\\text { Work-in-process inventory, Dec. } 31 & 11,000 \\\text { Cost of goods manufactured } & 50,000\end{array}$