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3 years ago

Advanced Company reports the following information for the current year. All beginning inventory amounts equaled $0 this year.

Business

1 answer:

Vesnalui [34]3 years ago

6 0

Answer:

$183,000

Explanation:

Advanced Company

<u>Income Statement for the year - absorption costing</u>

Sales ($71 x 21,000 units) $1,491,000

Less Cost of Sales ($1,008,000)

Gross Profit $483,000

Less Expenses

Operating expenses ($300,000)

Net Income $183,000

where,

Cost of Sales = Units Sold x Product Cost

= 21,000 x $48

= $1,008,000

Product Cost = all manufacturing costs (absorption costing)

= $19 + $21 + $3 + ($175,000 ÷ 35,000)

= $48

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