Income statement preparation L.O. P2
Given the following selected account balances of Shanta Company, prepare an income statement for Shanta Company (a manufacturer). Assume that its cost of goods manufactured is $534,390. (Omit the "$" sign in your response.)


Sales$1,250,000
Raw materials inventory, Dec. 31, 2007 37,000
Goods in process inventory, Dec. 31, 2007 53,900
Finished goods inventory, Dec. 31, 2007 62,750
Raw materials purchases 175,600
Direct labor 225,000
Factory computer supplies used 17,840
Indirect labor 47,000
Repairs-Factory equipment 5,250
Rent cost of factory building 57,000
Advertising expense 94,000
General and administrative expenses 129,300
Raw materials inventory, Dec. 31, 2008 42,700
Goods in process inventory, Dec. 31, 2008 41,500
Finished goods inventory, Dec. 31, 2008 67300
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SHANTA COMPANY
Income Statement
For Year Ended December 31, 2008
Sales $
Cost of goods sold
$

Cost of goods available for sale

Cost of goods sold

Operating expenses


Total operating expenses
Operating income $