X Company had the following inventory balances for 20x1. Inventory Classification January 1, 20x1 December 31, 20x1 Raw material $55,000 $75,000 Work in process 110,000 125,000 Finished goods 0 148,000 During 20x1, the company purchased raw material 259,500 and spent 501,500 for direct labor. Manufacturing overhead costs were as follows: Indirect material $12,000 Indirect labor 22,000 Depreciation on plant and equipment 110,000 Utilities 23,000 Other 42,000 Total $209,000 For the year, sales revenue was $1,215,000 Selling and administrative expenses for the year was $106,000.00 The firm’s tax rate is 33 percent. Round your answers to the nearest dollar. Fill in the blank without $ or comma or period, e.g., 12345 How much net income did X Company report on it's income statement for 20X1?

To get the net income that X company will report on it's income statement, we will need to calculate first the cost of goods manufactured , the cost of goods sold and then the net income.

Please find attached detailed calculation of the cost of goods manufactured, cost of goods sold and the net income.

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