a.
Bridger Bikes Inc. Income Statement For The Month Ended October 31, 20Y6 |
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Sales revenue | $1,431,500 | |
Cost of goods sold | 799,700 | |
Gross profit | 631,800 | |
Selling expense | $343,900 | |
Administrative expenses | 128,000 | 471,900 |
Net operating income | $159,900 |
b.
Ending material inventory = $403,900-347,400 = $56,500
Ending work in process inventory = $347,400+300,000+240,000 (300,000*80%) - 851,900 = $35,500
Ending finished goods inventory = $851,900-799,700 = $52,200
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