Income Statement (with cost of goods sold adjustment). Yamamoto, Inc., had the following activity for the...
Income Statement (with cost of goods sold adjustment). Yamamoto, Inc., had the following activity for the year ended December 31.
| Sales revenue | $3,050,000 |
| Selling expenses | $ 575,000 |
| General and administrative expenses | $ 330,000 |
| Cost of goods sold (before adjustment) | $ 700,000 |
| Underapplied overhead | $ 23,000 |
Required:
Prepare an income statement for year ended December 31.
Homework Answers
Ans:
Income statement:
| Particulars | Amount $ |
| Sales | 3,050,000 |
| Cost of goods sold (after adjustment) | 723,000 |
| Gross margin (a) | 2,327,000 |
| Selling and administrative expenses: | |
| Selling expenses | 575,000 |
| General and administrative expenses | 330,000 |
| Total selling and administrative expenses (b) | 905,000 |
| Net operating income (a-b) | 1,422,000 |
Workings:
Cost of goods sold (before adjustment)= $700,000
+ Underapplied overhead = $23,000
Cost of goods sold (after adjustment) = $723,000
If any doubts or queries please comment and clarify I'll explain ASAP
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