flow of cost amd income statement

ginocera inc. is a desginer, manufacture, and distributor of custom gorment kitchen knives.

Calculator LETO Flow of Costs and income Statement Grocera Inc. is a design, manufacturer and distributor of atom gourmettchen kryes. Anew there is called the kitchen Ninja was released for production in early 2018. in January, the company Spent $600,000 to develop a late night advertising infomercial for the new product. During 207, the company spent an additional $1,400,000 promoting the product through these infomercials, and $300,000 in legal costs. There were ready for manufacture on Buy 1. 2018 Grocera se a border cont system to accumulate costs associated with the kitchen and the unit direct materials cost for the knife is: Hardened steel banks (used for de start and ade) 4.00 Wood for lande) Packaging 0.50 The production process is straightforward. Forst, the hardened steel banks, which are purchased directly from a raw material supplier are stamped into a single piece of metal that includes both the blade and the Theme 20 Mer the indeshalts are s ped, they are brought to an assembly area where an employee attaches the handle to the short and packs the one into a decorative box. The direct or costs $0.50 perut The lives are sold to stores. Each store is given promotional materials, such as posters and assplays Promobo materials costo per ore. In addition, shipping costs average 0.20 per nie Total completed production was 1,200,000 g the ye. Other information is as follows: Number of customers (stores) 60.000 Mamber of res sold 1.120,000 Wholesale price (to store) per knite Factory overhead cost is applied to jobs at the rate of $800 per stamping machine hour after the knife blanks are stamped. There were an additional 25,000 stamped knives, handles and cases in process and waiting to be assembled on December 31, 2018 In your computations, if required, round interim per unit costs to two decimal places. Required: REGIE 1. Prepare an annual income statement for the kitchen Minjakie series. (cera Inc Income Statement For the Year Ended December 31, 2011 Cost of goods sold Gross profit Selling and administrative expenses: Selling expenses: Infomedal campaign Promotional materials Shipping expenses Total selling expenses Administrative expenses Legal expenses Total selling and administrative expenses Operating income 2. Determine the balances in the work in process and finished goods inventories for the itchen Ninja knife series on December 31, 2018 Finished Goods Work in Process Check My Work