The following information applies to the Johnson Tools Company for the year. 
Required:
Prepare a statement of cost of goods manufactured and an income statement for the year.
Definitions:
Residual Income
Residual income is the income that exceeds the minimum rate of return or cost of capital, often used in performance measurement and executive compensation.
Operating Expenses
Costs associated with running a business's daily operations but not directly tied to production, including rent, utilities, and salaries.
Interest Expense
The cost incurred by an entity for borrowed funds over a period of time.
Average Operating Assets
The average value of assets used in the normal operation of a business, calculated over a specific period.
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