Q2 Lautaro & Lukaku's provided the following accounting information for 2021: Jan. 1, 2021 Dec 31, 2021 $65,000 Finished goods inventory $80,000 • Cost Of Goods Manufactured COGM = $320,000 . • Sales revenues = $740,000 • Selling & adm. expenses = $72,000 • Tax rate= 30% Required: 1. Prepare a schedule to calculate the cost of goods sold. 2. Prepare the income statement of this company for 2021

Q2 Lautaro & Lukaku's provided the following accounting information for 2021: Jan. 1, 2021 Dec 31, 2021 $65,000 Finished goods inventory $80,000 • Cost Of Goods Manufactured COGM = $320,000 . • Sales revenues = $740,000 • Selling & adm. expenses = $72,000 • Tax rate= 30% Required: 1. Prepare a schedule to calculate the cost of goods sold. 2. Prepare the income statement of this company for 2021

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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Law's 2021 cost of sales was a. $534,000 b. $500,000 c. $539,000 d. $470,000
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