MANUFACTURING FIRM INCOME STATEMENT Slapshot Company makes ice hockey sticks and sold 16,000 sticks during the month of June at a total cost of $485,000. Each stick sold at a price of $90. Slapshot also incurred two types of selling costs: commissions equal to 15 percent of the sales price, and other selling expense of $200,000. Administrative expense totaled $115,000.

Required:

Prepare an income statement for Slapshot for the month of June.

Cornerstone Exercise