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Administrative expenses $70,000 Finished goods inventory January 1, 20x3 $120,000 Cost of Goods Manufactured during the year $200,000 Finished goods inventory December 31, 20x3 $60,000
Administrative expenses | $70,000 |
Finished goods inventory January 1, 20x3 | $120,000 |
Cost of Goods Manufactured during the year | $200,000 |
Finished goods inventory December 31, 20x3 | $60,000 |
Selling expenses | $40,000 |
Sales | $680,000 |
Required: 1. Using the information for Superior Manufacturing Company, prepare the income statement for the year ended December 31, 20x3. (Assume a 30% income tax). 2. Provide at least three performance ratios regarding Superior Manufacturing Company and comment on the company's performance. 3. Create a report between 200 and 300 words in length for leadership. The topic is the state of the company. Where do you see a problem regarding the company? Make some suggestions if there are areas you feel need to be further investigated.
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