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year, Pietro expects to produce 48,700 units and sell 48,000 units at a price of $18.00 each. Beginning inventory of finished goods is $39,500, and ending inventory of finished goods is expected to be $31,000. Total selling expense is projected at $28,500, and total administrative expense is projected at $123,000. Required: 1. Prepare an income statement in good form. Rou

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ayokenny2001

Answer:

See below

Explanation:

The above is an incomplete question. However, from a similar question, we will prepare the statement as requested.

Income statement

Sales [48,000 × $18]. $864,000

Cost of goods sold. $436,100

Gross sales $428,000

Less operating expenses

Selling expenses $28,500

Administrative expenses $123,000

Operating income $282,700

Calculation of cost of goods sold

Direct materials

Opening stock $6,000

Purchases $117,500

Less ending ($5,900). $117,600

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