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Cornerstones of Managerial Accounting 6th Edition by Maryanne Mowen,Don Hansen ,Dan Heitger
Edition 6ISBN: 978-1305103962Cornerstones of Managerial Accounting 6th Edition by Maryanne Mowen,Don Hansen ,Dan Heitger
Edition 6ISBN: 978-1305103962 Exercise 41
Manufacturing Firm Income Statement
Slapshot Company makes ice hockey sticks and sold 1,880 sticks during the month of June at a total cost of $433,000. Each stick sold at a price of $400. Slapshot also incurred two types of selling costs: commissions equal to 10% of the sales price, and other selling expense of $65,000. Administrative expense totaled $53,800.
Refer to the information for Slapshot Company above.
Required:
Prepare an income statement for Slapshot for the month of June.
Slapshot Company makes ice hockey sticks and sold 1,880 sticks during the month of June at a total cost of $433,000. Each stick sold at a price of $400. Slapshot also incurred two types of selling costs: commissions equal to 10% of the sales price, and other selling expense of $65,000. Administrative expense totaled $53,800.
Refer to the information for Slapshot Company above.
Required:
Prepare an income statement for Slapshot for the month of June.
Explanation
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The income statement is mainly used to m...
Cornerstones of Managerial Accounting 6th Edition by Maryanne Mowen,Don Hansen ,Dan Heitger
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