Assessment 1, Part #2

Solve the given problem based on the following information:

Assessment 2, Part #2

Solve the given problem based on the following information:

Complete the table given below to prepare the company's 2016 income statement:

Costs Resin for widget covers Wages/assembly Facility property taxes Accounting staff salaries Stands (1.100 outsourced) Rental equipment/sales staff Salaries/management Annual maintenance fee Commissions (per unit) Depreciation on machinery $18,700 $90,200 $5,500 $38,500 $28,600 $11,000 $137,500 $11,000 $15 $44,000 Cost to Manufacture Each Widget Item Total Cost ($) Variable manufacturing costs: Cost per Unit ($) Fixed manufacturing costs: Total manufacturing cost Jordan Revenues and Expenses (as of December 31, 2016) Advertising expenses Depreciation Office equipment Depreciation-Sales equipment Depreciation Facility equipment Facility supervision Facility supplies Facility utilities Raw material as of December 31, 2017 Raw material as of December 31, 2016 Work in progress (WIP) as of December 31, 2017 Inventories Work in progress (WIP) as of December 31, 2016 Finished goods as of December 31, 2017 Finished goods as of December 31, 2016 Direct labor Income tax Indirect labor Miscellaneous production costs Office salaries expense Raw material purchases Rent Office space Rent-Selling space Rent-Factory building Maintenance- Facility equipment Sales Sales discounts Sales salaries expense $25,875 $6,525 $7,740 $30,195 $92,340 $6,615 $29,700 $150,165 $ 163,800 $14,130 $17,442 $150,615 $122,841 $607,932 $210.353 $51,188 $7.583 $56,700 $832,500 $19,800 $23,490 $69,120 $31,860 $4,072,500 $56.250 $353,304 Jordan Income Statement (for the year onded December 31, 2016) Sales Less sales discounts Net sales Cost of goods sold: Finished goods inventory, December 31, 2017 Cost of goods manufactured Goods available for sale Less finished goods inventory, December 31, 2016 Cost of goods sold Gross profit from sales Operating expenses: Selling expenses: Advertising expense Depreciation expense-Sales equipment Rent expense-Selling space Sales salaries expense Total selling expenses General and administrative expenses: Depreciation expense Office equipment Office salaries exponse Rent expense-Office space Total general and administrative expenses Total operating expenses Income before state and federal taxes Income taxes expense Net income