1 answer

The following information is available for Marx, Inc. for the fiscal year ending December 31, 2017:...

Question:

The following information is available for Marx, Inc. for the fiscal year ending December 31, 2017:

Beginning balance in Work in Process Inventory $160,000

Ending balance in Work in Process Inventory 330,000

Beginning balance in Finished Goods Inventory 460,000

Ending balance in Finished Goods Inventory 390,000

Direct material cost 2,700,000

Direct labor cost 3,480,000

Manufacturing overhead 1,700,000

Selling and administrative expenses 1,330,000

Sales 8,920,000

Prepare an income statement for fiscal 2017. Ignore income taxes. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Marx, Inc. Income Statement

Marx, Inc. Income Statement

Answers

Marx Inc Income Statement For the year ended 31st December 2017 Particulars Sales Less: Cost of Good Sold Cost of Goods Manufactured (Note 1) Add: Beginning balance in Finished Goods Inventory Cost of Good Available for Sale Less: Ending balance in Finished Goods Inventory Gross Profit Less: Operating Expenses Selling and administrative expenses Net Income/(Loss) Note 1 Calculation of Cost of Goods Manufactured Particulars Direct Material Cost Direct Labor Manufacturing Overhead Total Manufacturing Cost Add: Beginning balance in Work in Process Inventory Amount Amount $8,920,000 $7,710,000 $460,000 $8,170,000 ($390,000) ($7,780,000) $1,140,000 ($1,330,000) ($190,000) Amount Amount $2,700,000 $3,480,000 $1,700,000 $7,880,000 $160,000 $8,040,000 ($330,000) $7,710,000 Less: Ending balance in Work in Process Inventory Cost of Good Manufactured

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