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a. Prepare an income statement based on full absorption costing. Only use a negative sign with your answer for net income (loss), if the answer represents a net loss. Otherwise, do not use negative signs with any answers. Round answers to the nearest whole number, when applicable. Sales Absorption Costing Income Statement Cost of Goods Sold: $ 100,000 Beginning Inventory Direct labor 47,000 ✔ Manufacturing overhead いく 21,000✓ Less: Ending Inventory Cost of Goods Sold Gross profit 0 x 80,000 * Operating expenses ÷ Net Income (Loss) $ 32,000 x 11,400 x

a. Prepare an income statement based on full absorption costing. Only use a negative sign with your answer for net income (loss), if the answer represents a net loss. Otherwise, do not use negative signs with any answers. Round answers to the nearest whole number, when applicable. Sales Absorption Costing Income Statement Cost of Goods Sold: $ 100,000 Beginning Inventory Direct labor 47,000 ✔ Manufacturing overhead いく 21,000✓ Less: Ending Inventory Cost of Goods Sold Gross profit 0 x 80,000 * Operating expenses ÷ Net Income (Loss) $ 32,000 x 11,400 x

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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a. Prepare an income statement based on full absorption costing. Only use a negative sign with your answer for net income (loss), if the answer represents a net loss. Otherwise, do not use negative signs with any answers. Round answers to the nearest whole number, when applicable. Sales Absorption Costing Income Statement Cost of Goods Sold: $ 100,000 Beginning Inventory Direct labor 47,000 ✔ Manufacturing overhead いく 21,000✓ Less: Ending Inventory Cost of Goods Sold Gross profit 0 x 80,000 * Operating expenses ÷ Net Income (Loss) $ 32,000 x 11,400 x
Transcribed Image Text:a. Prepare an income statement based on full absorption costing. Only use a negative sign with your answer for net income (loss), if the answer represents a net loss. Otherwise, do not use negative signs with any answers. Round answers to the nearest whole number, when applicable. Sales Absorption Costing Income Statement Cost of Goods Sold: $ 100,000 Beginning Inventory Direct labor 47,000 ✔ Manufacturing overhead いく 21,000✓ Less: Ending Inventory Cost of Goods Sold Gross profit 0 x 80,000 * Operating expenses ÷ Net Income (Loss) $ 32,000 x 11,400 x
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