Income statement preparation L.O. P2 Following are the selected account balances
ID: 2352768 • Letter: I
Question
Income statement preparation L.O. P2 Following are the selected account balances of Randa Company: Prepare an income statement for Randa Company (a manufacturer). Assume that its cost of goods manufactured is $569 450 (Input all amounts as positive values. Omit the "$" sign in your response.) (Click to select) $ Cost of goods sold (Click to select) $ (Click to select) Cost of goods available for sale (Click to select) Cost of goods sold (Click to select) Operating expenses (Click to select) (Click to select) Total operating expenses (Click to select) $ check my work referencesExplanation / Answer
income statement Sales 1,499,000 cost of goods sold: beginning finished goods inventory 60,800 cost of goods manufactured 569,450 cost of goods available fo sale 630250 ending finished goods inventory 67,700 cost of goods sold 562550 gross margin 936450 operating expenses advertising expense 93,000 general and administrative expenses 137,000 total operating expenses 230,000 net operating income 706,450