2.
Swift Company
Income Statement
For the Month Ended August 31
Sales... $450,000
Less cost of goods sold:
Finished goods inventory, August 1... $ 40,000
Add: Cost of goods manufactured... 310,000
Goods available for sale ... 350,000
Deduct: Finished goods inventory, August 31 .. 60,000 290,000
Gross margin... 160,000
Less operating expenses:
Utilities (40% × $15,000) ... 6,000
Depreciation, sales equipment... 18,000
Insurance (25% × $4,000) ... 1,000
Rent on facilities (20% × $50,000) ... 10,000
Selling and administrative salaries... 32,000
Advertising ... 75,000 142,000
Net operating income... $ 18,000
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