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Income Statement Bob's Bistro produces party-sized hoagie sandwiches. For next year, Bob's Bistro predicts that 49,300 units will be produced with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead Next year, Bob's Bistro expects to purchase $123,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Work-in-Process Inventory Inventory $6,000 $11,800 $5,900 $13,800 Next year, Bob's Bistro expects to produce 49,300 units and sell 48,600 units at a price of $17.00 each. Beginning inventory of finished goods is $45,500, and ending inventory of finished goods is expected to be $37,000. Total selling expense is projected at $27,000, and total administrative expense is projected at $115,500. Required: 1. Prepare an income statement in good form. Round the percent to four decimal places before converting to a percentage. For example, .88349 would be rounded to .8835 and entered as 88.35. Bob's Bistro Beginning Ending Direct materials Income Statement For the Coming Year Less: Operating expenses ? $71,000 20,000 225,000 Percent % % %

Income Statement Bob's Bistro produces party-sized hoagie sandwiches. For next year, Bob's Bistro predicts that 49,300 units will be produced with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead Next year, Bob's Bistro expects to purchase $123,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Work-in-Process Inventory Inventory $6,000 $11,800 $5,900 $13,800 Next year, Bob's Bistro expects to produce 49,300 units and sell 48,600 units at a price of $17.00 each. Beginning inventory of finished goods is $45,500, and ending inventory of finished goods is expected to be $37,000. Total selling expense is projected at $27,000, and total administrative expense is projected at $115,500. Required: 1. Prepare an income statement in good form. Round the percent to four decimal places before converting to a percentage. For example, .88349 would be rounded to .8835 and entered as 88.35. Bob's Bistro Beginning Ending Direct materials Income Statement For the Coming Year Less: Operating expenses ? $71,000 20,000 225,000 Percent % % %

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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Income Statement Bob's Bistro produces party-sized hoagie sandwiches. For next year, Bob's Bistro predicts that 49,300 units will be produced with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead Next year, Bob's Bistro expects to purchase $123,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials ? Less: Operating expenses $71,000 20,000 225,000 Work-in-Process Inventory Inventory Beginning $6,000 Ending $5,900 Next year, Bob's Bistro expects to produce 49,300 units and sell 48,600 units at a price of $17.00 each. Beginning inventory of finished goods is $45,500, and ending inventory of finished goods is expected to be $37,000. Total selling expense is projected at $27,000, and total administrative expense is projected at $115,500. Required: 1. Prepare an income statement in good form. Round the percent to four decimal places before converting to a percentage. For example, .88349 would be rounded to .8835 and entered as 88.35. Bob's Bistro Income Statement For the Coming Year $11,800 $13,800 Percent % % % % %
Transcribed Image Text:Income Statement Bob's Bistro produces party-sized hoagie sandwiches. For next year, Bob's Bistro predicts that 49,300 units will be produced with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead Next year, Bob's Bistro expects to purchase $123,500 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials ? Less: Operating expenses $71,000 20,000 225,000 Work-in-Process Inventory Inventory Beginning $6,000 Ending $5,900 Next year, Bob's Bistro expects to produce 49,300 units and sell 48,600 units at a price of $17.00 each. Beginning inventory of finished goods is $45,500, and ending inventory of finished goods is expected to be $37,000. Total selling expense is projected at $27,000, and total administrative expense is projected at $115,500. Required: 1. Prepare an income statement in good form. Round the percent to four decimal places before converting to a percentage. For example, .88349 would be rounded to .8835 and entered as 88.35. Bob's Bistro Income Statement For the Coming Year $11,800 $13,800 Percent % % % % %
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