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PROBLEM II Using the following information from Char Company. Prepare an income statement through operating income...

PROBLEM II

Using the following information from Char Company. Prepare an income statement through operating income for the year.

Sales? $ 900,000

Finished goods inventory beginning? 45,000

Cost of goods manufactured? 585,000

Finished goods inventory ending? 60,000

Operating expenses? 275,000

Expert Solution

Cost of goods sold = Cost of goods manufactured + Opening stock of finished goods - Closing stock of finished goods

=585000+45000-60,000=570,000

CHAR CORPORATION

Income Statement

For the Year Ended December 31

Sales revenue $ 9,00,0

Less: Cost of goods sold $5,70,000

Gross profit 3,30,000

Less: Operating expenses: $2,75000

Net income $55,000

ekkarill92 answered 1 year ago

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