Homework Answers
Answer
| Income Statement | ||
| Revenue (50000 units x $ 20) | $1,000,000 | |
| Less: Cost of Goods Sold (50000 units x $ 11.50) | $575,000 | |
| Gross Profits | $425,000 | |
| Less: | ||
| Selling Expense- | ||
| Commission (50000 units x $2) | $100,000 | |
| Advertising expense | $100,000 | |
| General & Administrative expense- | $50,000 | $250,000 |
| Operating Income | $175,000 | |
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