An asterisk (*) will appear to the right of an incorrect entry.
a.
Revenues
Gross profit
Selling and administrative expenses:
Total selling and administrative expenses
Operating income
b.
Materials inventory:
Purchased materials
Less: Materials used in production
Materials inventory, February 28
Work in process inventory:
Materials used in production
Direct labor
Factory overhead
Total manufacturing costs incurred
Less: Transferred to finished goods
Work in process inventory, February 28
Finished goods inventory:
0%
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Exercise 16(2)-14
Name:
Section:
Instructions
Rushmore Biking Inc.
Income Statement
For the Month Ended February 28
An asterisk (*) will appear to the right of an incorrect entry.
a.
Total selling and administrative expenses (275,000)
Operating income 85,000$
b.
For the Month Ended February 28
Rushmore Biking Inc.
Income Statement
ON
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Instructions
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Exercise 16(2)-14
Name:
Solution
Section: