Instructions Ginocera Inc. is a design, manufacturer and distributor of custom gurmerichen we. A new kitchen in de series called the Kitchen Mira was released for production in early 20Y6. in Jerusy, the open 100.000 to develop a night advertising Infomercial for the new product. During 2018, the company spent an additional $1.400.000 promoting the product through these infomercials, and $800.000 nega com The rives were ready for manufacture on January 1, 2015 Ginocara ses a lobordet.com.system to accumulato coets asociated with the Kitchen Ninja Knito. The una direct materian cout for the knite $4.00 Hardened steel blanks used for krite shaft and blade) Wood for handie) Packaging 1.50 0.50 The production proces rightforward. For the hardened stoel blanks, which are purchased directly from a raw material suppliers are stumped into a wrglo piece of metal that readers to the blade and the shut. The stamping machine requires one hour per 250 knives. After the knile shafts are stamped, they are brought to an assembly area where an employee attaches the harde ko the shut and packs to kile bon decorative ben Thu dhe ato con le $0.50 perunt. The rives are sold to stores. Each storis given promotional materials, such as posters and siste deplays Promotional materials cost 500 per store. In addition shipping cover som per knife Total completed production was 1.200,000 units during the year. Other information is as follows: Number of customers stores) Number of knives sold Wholesale price to store per knite 60.000 1.120.000 $16 Factory overhead cool is applied to jobs at the rate of $800 per stamping machine hour after the ride Banks are stamped. There were anaional 25.000 stamped knives, handies, and cases in process and waiting to be Instructions Packaging 0.50 The production process is straightforward. First, the hardened blanks, which are purchased directly from a few material supplerere stamped into a single piece of metal that includes both the blade and the shat. The wamping machine requires one hour per 250knive Anor the kitoshata re sumped, they are brought to an ambay area where an employee attached the harde to the shut and packs the knite mo a decorative box. The direct laborout 30.50 per une The knives are sold to wores. Each store in given promotional materials, such as posters and ante dolay. Promotional material cout 500 per store. In addition, poing com rape 50.20 per kete Total completed production was 1.200.000 unts during the you, Omer Information is as follows: Number of customers stores Number of inives sold Wholesale price (or per krite 80.000 1,120.000 $16 Factory overtread contin repled to jobs at the rate of 5800 per stamping machine hour other the knite blank we stamped. There were an additional 25.000 stamped knives, hands, and cases in process and waiting to be assembled on December 31, 2018 Required: 1. Prepare an annual income statement for the Kitchen Mina knite series, including supporting caktons, from the information provided Hale to the Intel Amount Descriptions brexact wording of the answer choices for restante 2. Determine been the work in process and finished goods inventories for the Kicheniyle series on December 31, 2018 in your computation, it required, round interim porcosts to wo decimal places Ginocera Inc. Income Statement For the Year Ended December 31, 20Y8 $17,920,000.00 1 Sales 2 2 Cost of goods sold 3 Gross profit 4 Selling and administrative expenses: 5 Selling expenses: 6 Shipping expenses Infomercial campaign 1 Promotional materials Total selling expenses 10 Administrative expenses 11 Legal expenses 12 Total selling and administrative expenses 13 Income from operations 9
