Answer:
Cost of Good Manufactured
Work in Process,Jan 1 $60,000
Direct Material Used $200,000
Direct Labour $300,000
Manufacturing Overhead $400,000
Total Manufacturing Cost $900,000
$960,000
Less: Work in Process, Dec 31 $40,000
Cost of Good Manufactured $920,000
Multi-Income Statement
For the Year Ended December 31
Net Sales Revenue $1,800,000
Cost of Good Sold
Finished Goods,Jan 1 $50,000
Cost of Goods Manufactured $920,000
Cost of Goods Available For Sales $970,000
Finished Goods,Dec 31 -$20,000
Cost of Goods Sold $950,000
Gross Profit $850,000
Selling and Administrative Expense $500,000
Net Profit Before Tax $350,000
Income Tax Expense $70,000
Net Profit $280,000
