Question

A z Morge & Center - 5 - % Review the following amounts for West Nautical Company. Assume that the Raw Materials inventory contains only direct materials. The Calculation of Direct Materials Used Schedule of Cost of Goods Manufactured, and Calculation of Cost of 4 Goods Sold can be found under the "COSTOFGOOOSSOLD tab. S Raw materials inventory Work in process inventory Finished goods inventory Purchases of direct materials Direct labor Indirect labor Beginning End of of Year Year End of Year 5 21.000 525.000 inwurance on plant $ 11,500 35.000 S 31,000 Depreciation-plant building and equipment $ 13.400 5 20,000 $22.000 Repairs and maintenance plant $ 200 $ 74,000 Marketing expenses $ 27,000 5600 General and administrative expenses $ 2.500 50 TE Assume that the company has the following sales during the year Price per Units sold unit 34,000 S 12 18 Use the blue shaded areas on the ENTERANSWERS tab for inputs Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction 19 tab you will be marked wrong 21 Requirement 122 Prepare the income statement for West Nautical Company in for the most recent year. 23 a Check your spelling carefully and do not abbreviate. 24 b. Follow the format in the exhibit that shows the Manufacturer's Income Statement. Enter all amounts as positive values. Do not use a minus sign or parentheses for any values to be subtracted, 27 Saving & Submitting Solution 281 Save file to desktop 29 Create folder on desktop, and label COMPLETED EXCEL PROJECTS 302 Upload and submit your file to be wraded 31 Navigate back to the activity window - screen where you downloaded the initial spreadsheet b. Click Choose button under step : locate the file you just saved and dick Open 33 Click Upload button under step 3 4 d. Click Submit button under step 4 2 16 Viewing Results 31 1 Click on Results tab in Myecountinglab 3 2 Click on the A g ent you were working on 9 3 Click on Project link this will bring up your score Card 404 Within Scorecard window, click on the Comments Report lower right to download spreadsheet with feedback I INSTRUCTIONS COstorocOSSOLD INTERANSWER

Answer 1

West Nautical Company Income statement For Current Year $ (34,000 units x $ 12) Particulars Sales Cost of goods sold Gross profit $ 4,08,000 2,30,600 (A) 1,77,400 Operating expenses General & Administrative Expenses Marketing (or selling) Expenses Total Operating expenses Operating income 57,100 77,000 (B) (A) - (B) 1,34,100 43,300 Notes:- General & Administrative Expenses Insurance on plant Depreciation - Plant Building & Equipment Repairs & Maintenance - Plant General & Administrative expenses Total Total General & Administrative expenses 11,500 13,400 3,700 28,500 57,100 $