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Prepare the income statement for West Nautical Company for the most recent year. Use the calculation of cost of goods​ sold, cost of goods​ manufactured, and the amounts below. Assume that the company sold 34,000 units of its product at a price of $12 each during the year.

Respuesta :

Answer:

Explanation:

West Nautical Company

Income  

Statement

For Current Year

Sales revenues    $ 416,000

Less:Cost of goods sold   220,200

Gross profit             195,800

Less:Operating expenses

Marketing expenses        $ 78,000

General and administrative expenses 28,500 106,500

Operating income              $89,300

Beginning     End of Year End of Year  

of Year

Raw materials inventory  $ 21,000      $ 25,000 Insurance on plant. ..7,000

Work in process inventory  37,000 $ 27,000 Depreciation-plant building and equipment     12,900

Finished goods inventory   15,000 $ 23,000 Repairs and maintenance-plant. . . . . . . .4,300

Purchases of direct materials  $ 70,000        Marketing expenses. . . . . . . . 78,000

Direct labor. . . . . . . . . . . .  $ 86,000      General and administrative expenses. . .28,500

Indirect labor. . . . . . . . . . .  $ 42,000

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