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E2-27A Continues E2-26A: Prepare income statement (Learning Objective 5) Prepare the income statement for West Nautical Company in E2-26A for the most recent year. Assume that the company sold 34,000 units of its product at a price of $12 each during the year.

E2-27A Continues E2-26A: Prepare income statement (Learning Objective 5) Prepare the income statement for West Nautical Company in E2-26A for the most recent year. Assume that the company sold 34,000 units of its product at a price of $12 each during the year.

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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Please review E2-27A only. I have given the results for E2-26A.

E2-27A Continues E2-26A: Prepare income statement (Learning Objective 5) Prepare the income statement for West Nautical Company in E2-26A for the most recent year. Assume that the company sold 34,000 units of its product at a price of $12 each during the year.
Transcribed Image Text:E2-27A Continues E2-26A: Prepare income statement (Learning Objective 5) Prepare the income statement for West Nautical Company in E2-26A for the most recent year. Assume that the company sold 34,000 units of its product at a price of $12 each during the year.
Beginning Raw Materials Add: Material purchased 23,000 74,000 -25,000 72,000 Less: Ending Raw Materials Raw Material used Direct Labour Insurance on Plant Indirect Labour Depreciation on Plant & Equipment Repairs & Main - Plant Add: Beginning work in process Less: Ending work in process 86,000 11,500 42,000 13,400 3,700 35,000 -31,000 Cost of goods manufactured 2,32,600 Add: Beginning finished goods 20,000 Less: Ending finished goods -22,000 Cost of goods sold 2,30,600
Transcribed Image Text:Beginning Raw Materials Add: Material purchased 23,000 74,000 -25,000 72,000 Less: Ending Raw Materials Raw Material used Direct Labour Insurance on Plant Indirect Labour Depreciation on Plant & Equipment Repairs & Main - Plant Add: Beginning work in process Less: Ending work in process 86,000 11,500 42,000 13,400 3,700 35,000 -31,000 Cost of goods manufactured 2,32,600 Add: Beginning finished goods 20,000 Less: Ending finished goods -22,000 Cost of goods sold 2,30,600
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