Question

Prepare the income statement for Quality Aquatic Company for the most recent year. Use the calculation of cost of goods​ sold, cost of goods​ manufactured, and the amounts below. Assume that the company sold 36 comma 000 units of its product at a price of $ 14 each during the year.

Answer 1

Answer:

Net income                                  167,900

Explanation:

Sales revenue   36,000 x $14 = 504,000

Cost of good sold-                     (230,600)    

Gross Profit:                                 273,400

Marketing expenses                    (77,000)

Administrative expenses            (28,500)    

Net income                                  167,900

Missing information attached.

We subtract the cost of good sold to get the gross profit.

the material, labor and overhead cost are included in the cost of good sold so we don't have to conted again. We will only post the expenses not related to manufacturing department which are, selling and adminsitrative.