Hello, Grandslam Inc incurred the following costs during March. Selling Expenses $156,100 Direct Labor 308,000 Interest Expense 41,800 Manufacturing Overhead, actual 45,930 Raw materials used 466,000 Admin Expenses 116,400 During the month, 18,100 units were manufactured and 10,600 units of products were sold. On March 1, Grandslam Inc. carried no inventories. On March 31, there were no inventories for raw materials or work in progress. Question 7d: Prepare a traditional (absorption) income statement for Grandslam Inc. for the month of June. Assume that sales for the month were $1,038,000 and the company's effective income tax rate was 30%. (Round "Average cost per unit" to 2 decimal places. Sales $1,038,000 Cost of Goods sold ? Gross Profit ? ? Operating Income ? ? Income Before taxes ? Income Tax Expense ? Net Income ? Thanks.
Hello, Grandslam Inc incurred the following costs during March. Selling Expenses $156,100 Direct Labor 308,000 Interest Expense 41,800 Manufacturing Overhead, actual 45,930 Raw materials used 466,000 Admin Expenses 116,400 During the month, 18,100 units were manufactured and 10,600 units of products were sold. On March 1, Grandslam Inc. carried no inventories. On March 31, there were no inventories for raw materials or work in progress. Question 7d: Prepare a traditional (absorption) income statement for Grandslam Inc. for the month of June. Assume that sales for the month were $1,038,000 and the company's effective income tax rate was 30%. (Round "Average cost per unit" to 2 decimal places. Sales $1,038,000 Cost of Goods sold ? Gross Profit ? ? Operating Income ? ? Income Before taxes ? Income Tax Expense ? Net Income ? Thanks.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Hello,
Grandslam Inc incurred the following costs during March.
| Selling Expenses | $156,100 | |
| Direct Labor | 308,000 | |
| Interest Expense |
41,800 |
|
| Manufacturing |
45,930 | |
| Raw materials used | 466,000 | |
| Admin Expenses | 116,400 |
During the month, 18,100 units were manufactured and 10,600 units of products were sold. On March 1, Grandslam Inc. carried no inventories. On March 31, there were no inventories for raw materials or work in progress.
Question 7d: Prepare a traditional (absorption) income statement for Grandslam Inc. for the month of June. Assume that sales for the month were $1,038,000 and the company's effective income tax rate was 30%. (Round "Average cost per unit" to 2 decimal places.
| Sales | $1,038,000 |
| Cost of Goods sold | ? |
| Gross Profit | ? |
| ? | |
| Operating Income | ? |
| ? | |
| Income Before taxes | ? |
| Income Tax Expense | ? |
| Net Income | ? |
Thanks.
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