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1.
Sales
Gross profit
Selling expenses:
Total selling expenses
Administrative expenses:
Total operating expenses
Income from operations
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, 2014:
Units produced
Less: Units sold
Units remaining in inventory
x Manufacturing cost per unit
Balance
Work in process inventory balance, December 31, 2014:
Additional units waiting for assembly
x Direct materials and overhead per unit
Balance
Key Code:
For the Year Ended December 31, 2014
0%
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GINOCERA INC.
Income Statement
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1.
Sales 17,920,000$
Cost of goods sold supporting calculation:
Manufacturing cost per unit (knife):
Direct materials:
Hardened steel blanks 4.00$
2.
Finished goods inventory balance, December 31, 2014:
GINOCERA INC.
Income Statement
For the Year Ended December 31, 2014
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Solution
Section:
ON