Prepare only cost of goods sold.Ignore below requirement.This is not graded, please stop reject. 5.) Income statement; profit percentage. The Shelikoff Company submits the following informa-ion on December 31, 19--:$314.000Sales for the year..Inventories at the beginning of the year:Finished goodsWork in process.MaterialsPurchases of materials for the yearDirect labor5,9004,6003,800140,00067,350/Factory overhead: 50% of labor costInventories at the end of the year:Finished goodsWork in process.Materials9.2706,2004,300Other expenses for the year:Marketing expensesAdministrative expenses23,11517,650Required:(1) An income statement for the year ended December 31, 19--(2) The percentage of income to sales, before income tax.

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Business

Accounting

Prepare only cost of goods sold. Ignore below requirement.

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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Question

Prepare only cost of goods sold.

Ignore below requirement.

This is not graded, please stop reject.

5.) Income statement; profit percentage. The Shelikoff Company submits the following informa-
ion on December 31, 19--:
$314.000
Sales for the year..
Inventories at the beginning of the year:
Finished goods
Work in process.
Materials
Purchases of materials for the year
Direct labor
5,900
4,600
3,800
140,000
67,350/
Factory overhead: 50% of labor cost
Inventories at the end of the year:
Finished goods
Work in process.
Materials
9.270
6,200
4,300
Other expenses for the year:
Marketing expenses
Administrative expenses
23,115
17,650
Required:
(1) An income statement for the year ended December 31, 19--
(2) The percentage of income to sales, before income tax.

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