Question

Prepare the income statement for West Nautical Company, for the most recent year, using the amounts and the schedule of cost of goods manufactured below. Assume that the company sold 38,000 units of its product at a price of $13 each during the year. : (Click the icon to view the amounts.) 9 (Click the icon to view the schedule.) i Data Table West Nautical Company Income Statement For Last Year West Nautical's Die-Cuts Schedule of Cost of Goods Manufactured Cost of goods sold: $ 51,000 Beginning work in process inventory Add: Direct materials used Beginning raw materials inventory Purchases of direct materials $ 27,000 85,000 Available for use 112,000 (36,000) Ending raw materials inventory Operating expenses: Direct materials used $ 76,000 88,000 Direct labour Manufacturing overhead: Total operating expenses Indirect labour $ Operating income Insurance on plant Depreciation-plant building and equipment 22,000 9,000 18,000 8,000 Repairs and maintenance-plant 57,000 221,000 Total manufacturing costs incurred during the year Total manufacturing costs to account for Less: Ending work in process inventory 272.000 (41,000) Choose from any list or enter any number in the input fields and then continue to the next question. $ 231,000 Cost of goods manufactured

Answer 1

Amount $ Amounts 494,000 22,000 231,000 253,000 West nautical company Income statement for the year :- Particulars Sales Revenue (38000*13) Less: Cost of goods sold Beginning finished goods inventory Add: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory Cost of goods sold Gross Profit Less: Operating expenses General and administrative expenses Marketing expenses Total Operating expenses Operating Income 32,000 221,000 273,000 33,000 86,000 119,000 154,000