8,000 units × $19.50 per unit = $156,000.
With this figure and other data from the case, the company’s income
statement for the quarter can be prepared as follows:
Solar Technology, Inc.
Income Statement
For the Quarter Ended March 31
Sales (32,000 batteries) ... $960,000
Less cost of goods sold:
Finished goods inventory, beginning... $ 0
Add: Cost of goods manufactured ... 780,000
Goods available for sale... 780,000
Deduct: Finished goods inventory, ending.. 156,000 624,000
Gross margin ... 336,000
Less operating expenses:
Selling and administrative salaries ... 110,000
Advertising ... 90,000
Rental cost, facilities (20% × $75,000)... 15,000
Depreciation, office equipment... 27,000
Utilities (10% × $80,000) ... 8,000
Travel, salespersons... 40,000 290,000
Net operating income ... $ 46,000
Case 2-31 (continued)
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