Prepare an income statement through gross profit.
Homework Answers
Direct material used = 26000+170000-30000 = 166000
Cost of goods manufactured = Beginning WIP+Direct material used+Direct labor+Manufacturing overhead-Ending WIP
= 18500+166000+230000+180000-22200
Cost of goods manufactured = 572300
Income statement
| Sales | 800000 | |
| Cost of goods sold | ||
| Beginning finished goods | 30000 | |
| Add: Cost of goods manufactured | 572300 | |
| Cost of goods available for sale | 602300 | |
| Less: Ending finished goods | -21000 | |
| Cost of goods sold | 581300 | |
| Gross profit | 218700 |
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Prepare an income statement through gross profit.
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