Question

Information from the records of the Bridgeview Manufacturing Company for August 2017 follows:

Sales	$314,000
Selling and administrative expenses	127,500
Purchases of raw materials	44,000
Direct labor	30,000
Manufacturing overhead	54,500

		Inventories
		August 1	August 31
Raw materials		$ 7,000	$ 5,000
Work-in-process		13,000	11,000
Finished goods		15,000	18,000

Prepare an income statement for August 2017.
Do not use negative signs with any of your answers below.

Bridgeview Manufacturing Company
Income Statement
For the Month Ending August 31, 2017
Sales			$Answer
Cost of goods sold
Finished goods inventory, 8/1/17		$Answer
Cost of goods manufactured		Answer
Total goods available for sale		Answer
Finished goods inventory, 8/31/17		Answer	Answer
Gross profit			Answer
Selling and administrative expenses			Answer
Net income			$Answer

Answer 1