Answer:
Explanation:
Unit Cost = (4×2.50+15×2+10×2) = 60 per unit
Cost of goods sold = 28000×60 = $1680000
Gross margin = (70-60)×28000 = $280000
<u>Solution and Explanation:</u>
<u>The retained earning statement for the company Crane for the year 2017 is as follows:
</u>
Martinez Company
Retained Earnings Statement
For the Year Ended December 31, 2017
Retained Earnings, January 1 $2,190,000
Less: Correction of Depreciation Error $382000
Retained Earnings, January 1, as adjusted $1,808000
Add: Net Income $929000
Less: Dividends $226000
Retained Earnings, December 31 $2,511000
Retained earnings at the starting year is to be considered and depreciation and dividend amount is to be deducted whereas the net income is to be added.
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