contestada

Jasper Company provided the following information for last year:
Costs Amount
Sales in units 290,000
Selling price $13
Direct materials $150,000
Direct labor $504,000
Manufacturing overhead $110,000
Selling expense $437,000
Administrative expense $860,0
Last year, beginning and ending inventories of work in process and finished goods equaled zero.
Required: 1. Prepare an income statement for Jasper for last year.

Respuesta :

Explanation:

The preparation of the income statement is presented below:

                                         Jasper Company

                                       Income Statement

Sales                                $3,770,000      (290,000 × $13)

Less: Cost of goods sold -$764,000   ($150,000 + $504,000 + $110,000)

Gross margin                  $3,006,000

Less: Operating expenses

Selling expenses             -$437,000

Administrative expenses -$860,000

Total operating expenses -$1,297,000

Net income                         $1,709,000

We assume that the administrative expenses is $860,000

Otras preguntas