Question

prepare the income statement for east aquatic company for the most recent year. use the calculation of cost of goods sold, cost of goods manufactured, and the amount below. Assume that the company sold 30,000 units for its product at a price of $11 each during the year.

DATA:

Raw materials inventory Work in process inventory Finished goods inventory Purchases of direct materials Direct labor Indirect labor Beginning End of End of of Year Year Year 28,000 $ 30,000 Insurance on plant 11,000 $ 36,000 $ 29,000 Depreciation-plant building and equipment..... $ 12,500 $ 14,000 $ 24,000 Repairs and maintenance-plant $ 3,800 72,000 Marketing expenses 78,000 83,000 General and administrative expenses $ 29,500 $ 40,000

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^^ what i did so far .. please use same format because i am confused

Answer 1

Ans: Statement of income for the year ended

Particulars	Amount($)	Amount($)
Sales(30,000*11)		330,000
Less: cost of goods sold		(217,300)
Gross profit		112,700
Less:
operating expenses
Marketing expenses	78,000
General and admin expenses	29,500	(107,500)
Operating income		5,200