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Problem 3-42 Schedule of Cost of Goods Manufactured and Sold; Income Statement (LO 3-6)

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[The following information applies to the questions displayed below.] The following data refer to Twisto Pretzel Company for the year 20x1.

Work-in-process inventory, 12/31/x0	$	7,900
Selling and administrative salaries		13,700
Insurance on factory and equipment		3,600
Work-in-process inventory, 12/31/x1		8,200
Finished-goods inventory, 12/31/x0		14,000
Cash balance, 12/31/x1		8,000
Indirect material used		4,300
Depreciation on factory equipment		2,100
Raw-material inventory, 12/31/x0		10,200
Property taxes on factory		2,400
Finished-goods inventory, 12/31/x1		15,200
Purchases of raw material in 20x1		39,200
Utilities for factory		6,000
Utilities for sales and administrative offices		2,400
Other selling and administrative expenses		3,800
Indirect-labor cost incurred		29,000
Depreciation on factory building		3,600
Depreciation on cars used by sales personnel		1,200
Direct-labor cost incurred		79,000
Raw-material inventory, 12/31/x1		11,000
Accounts receivable, 12/31/x1		4,000
Rental for warehouse space to store raw material		3,000
Rental of space for company presidents office		1,600
Applied manufacturing overhead		58,000
Sales revenue		205,800
Income tax expense		5,100

Prepare the companys income statement for 20x1.

Problem 3-42 Part 3 3. Prepare the company's income statement for 20x1. TWISTO PRETZEL COMPANY Income Statement For the Year Ended December 31, 20X1 Finished-goods inventory $ $ 0 Selling and administrative expenses: Total 0 $ 0 $ 0

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