Answer:
Net Income = $593,560
Explanation:
Cost of Goods Sold=sales unit × cost of sales per unit
= $23 × 50,180 = $1,154,140
Income statement December 31,2017
Particular Amount($)
Sales 2,273,600
Less:-Cost of goods sold (1,154,140)
Gross Profit 1,119,460
Less-Selling and Administrative Expenses (3,019,00)
Income from Operation 817,560
Less-Estimated Interest (10,000)
Income before Taxes 807,560
Less-Income Taxes (214,000)
Net Income 593,560
