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
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Author:Libby
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Chapter1: Financial Statements And Business Decisions
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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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