An asterisk (*) will appear to the right of an incorrect entry.
1.
Sales
Gross profit
Selling and administrative expenses:
Total selling expenses
Administrative expenses:
Total selling and administrative expenses
Operating income
Cost of goods sold supporting calculation:
Manufacturing cost per unit (knife):
Direct materials:
Hardened steel blanks
Wood (for handle)
Packaging
Total direct materials
Direct labor
Factory overhead
Total manufacturing cost per knife
x Number of units sold
Cost of goods sold
2.
Finished goods inventory balance, December 31, 20Y8:
Units produced
Less: Units sold
Units remaining in inventory
x Manufacturing cost per unit
Balance
Work in process inventory balance, December 31, 20Y8:
Problem 16(2)-5A
Name:
Section:
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[Key code here]
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Instructions
Ginocera Inc.
Income Statement
For the Year Ended December 31, 20Y8
An asterisk (*) will appear to the right of an incorrect entry.
1.
Sales 17,920,000$
(10,864,000)
Gross profit 7,056,000$
Selling and administrative expenses:
Selling expenses:
Total selling expenses 5,824,000$
Cost of goods sold supporting calculation:
Manufacturing cost per unit (knife):
2.
Score:
Instructions
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Problem 16(2)-5A
Name:
Solution
Section:
ON
Ginocera Inc.
Income Statement
For the Year Ended December 31, 20Y8
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Cost of goods sold