2.
Meriwell Company
Income Statement
Sales... $500,000
Cost of goods sold:
Finished goods inventory, beginning... $ 20,000
Add: Cost of goods manufactured ... 290,000
Goods available for sale ... 310,000
Deduct: Finished goods inventory, ending... 40,000 270,000
Gross margin ... 230,000
Less operating expenses:
Selling expenses ... 80,000
Administrative expenses... 110,000 190,000
Net operating income ... $ 40,000
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