Standford Corporation has provided the following data for the month of February:
| Sales | $280,000 |
| Raw materials purchases | $76,000 |
| Direct labor cost | $42,000 |
| Manufacturing overhead | $77,000 |
| Selling expense | $20,000 |
| Administrative expense | $35,000 |
| Inventories: | Beginning | Ending |
| Raw materials | $22,000 | $33,000 |
| Work in process | $15,000 | $23,000 |
| Finished goods | $52,000 | $43,000 |
a. Prepare a Schedule of Cost of Goods Manufactured in good form for February. (6 points)
b. Prepare an Income Statement in good form for February. (6 points)