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Home Insert Page Layout Formulas Data Review View Help Times New Roman 12 AAP Wapo BIU--A E3 Meige Center 5% To Font Alignment Number - $5,000,000 CD E F G Income Statement (with cost of goods sold adjustment) Milan Company Income Statement Year Ended December 31 Sales Cost of goods sold before adjustment for overapplied overhead $2,900,000 Adjustment for averapplied overhead Cost of goods sold Gross profit Less operating (nonmanufacturing) expenses Selling General od administrative Operating profit Correct Correct Incorrect Incorrect Incorrect Incorrect Incorrect Incorrect 34 25 L2 E30 K a MSI MS Komhustor Afterburner G @ G-Menu -0927-133930-295387/read Robinhood Discord T Nadine Burke Harri.... > Other bookmarks b. Prepare a T-account for finished goods inventory and include the beginning balance for September. Post the appropriate items from the journal entries in requirement a to this account, and calculate the ending balance in finished goods inventory 30. Income Statement (With Cost of Goods Sold Adjustment). Milan Company had the following activity for the year ended December 31: Sales revenue $5,000,000 Selling expenses $ 825,000 General and administrative expenses $ 570,000 Cost of goods sold (before adjustment) $2,900,000 Overapplied overhead $ 109,000 Required: Prepare an income statement for year ended December 31 31. Manufacturing overhead Allocation Base and Calculating the Cost of Jobs. Kimmel Company expects to incur $800,000 in manufacturing overhead costs this year. During the year, it expects to use 10,000 direct labor hours at a cost of $200,000 and 4,000 machine hours. Required: a Calculate the predetermined overhead rate based on direct la hours, direct labor cost and machine hours