Planet Manufacturing provided the following information for the month ended March 31
Sales Revenue $ 22,000
Beginning Finished Goods Inventory 7,000
Ending Finished Goods Inventory 6,500
Cost of Goods Manufactured 10,600
Selling and Administrative Expenses 5,125
Prepare the income statement.
What will be an ideal response
Planet Manufacturing
Income Statement
Month Ended March 31, 20XX
Revenues:
Sales Revenue $22,000
Cost of Goods Sold
Beginning Finished Goods Inventory $7,000
Cost of Goods Manufactured 10,600
Cost of Goods Available for Sale 17,600
Ending Finished Goods Inventory (6,500 )
Cost of Goods Sold 11,100
Gross Profit 10,900
Selling and Administrative Expenses 5,125
Operating Income $5,775
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