Only 13 Income Statement Entries

he is a designer, maracure and distributor of custom gourmet kitchen knives. A new kitchen Knife series called the Kitchen Ninja was released for production in early 20va in the company spent 5000,000 to develop a late night advertising infomercial for the new product. During 2018, the company spent an additional $1,400,000 promoting the product through these infomercia 800.000 in legal costs. The knives were ready for manufacture on January 1 2018 Groceras de coser to some cost e d with the then Nina Ke The unit direct materials cost for the knife is 5400 used for that and blade) Wood for handie) The production process is The a g toward. First, the hardened steel bians, which we purchased rectly from a m requires one hour wr250 kn o re stamped into f i n d e At there wamped they brought to an assembly where the head to he a d to a decorative box There arcot 100 com production 1.200.000 unts during the year. Other information is as follows 00.000 120.000 Required: 1. Prepare an annual income statement for the kitchen Ninja knife series, including supporting calculations from the information provided Refer to the list of Amount Descriptions for exact wording of the answer choices for text entries.* 2. Determine the balances in the work in process and finished goods inventories for the kitchen Ninja knife series on December 31, 2018 in your computations, if required, round interim per-unit costs to two decimal places Amount Descriptions Cost of goods sold Factory overhead Gross profit Income from operations Infomercial campaign Legal expenses Loss from operations Promotional materials Sales Shipping expenses Total selling and administrative expenses Total se ling expenses Work in process 1. Prepare an uncome statement for the kitchen Nijke were including supporting calculation from the information provided Refer to the lat el Amount Descriereadore we choices for text entries in your computation, if required, round interim per un come to two decimo plocal. Ginocera Inc. Income Statement For the Year Ended December 31, 2048 Selling and administrative expenses Selling expenses 2. Determine the balances in the work in process and finished goods inventored for the che Ninja r series on December 31, 2018 in your computation, if required, round per conto the decimal places Finished Goods Work in Process