The PITA Manufacturing Company produced 75,000 units for the year ending December 31, 19X1.

AND ASSET No units were in process at the beginning or end of this period. The cost of goods manufactured COMPUTATION was $300,000. During the year, the following occurred:

59,000 units were sold at $5 per unit.

14,000 units were still awaiting sale.

2,000 units were found defective.

There was no beginning finished goods inventory.

Required:

Prepare a multiple step income statement from the above for PITA Manufacturing Company (ignore income taxes). 258