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Please help solve for income statement through gross profit. and show how you calculated. Exercise 14-14 a-c The following information is available for Aikman Company.
Please help solve for income statement through gross profit. and show how you calculated.
Exercise 14-14 a-c The following information is available for Aikman Company. January 1, 2020 2020 Raw materials inventory $24,010 Work in process inventory 17,050 Finished goods inventory 30,430 Materials purchased $153,770 Direct labor 222,040 Manufacturing overhead 184,810 Sales revenue 905,270 December 31, 2020 $32,140 20,240 25,020 Compute cost of goods manufactured. Aikman Company Cost of Goods Manufactured Schedule Work-in-Process Inventory, 1/1 17050 Direct Materials > Raw Materials Inventory, 1/1 24010 Materials Purchased 153770 Materials Available for Use 177780 Less Raw Materials Inventory, 12/31 32140 Direct Materials Used 145640 Direct Labor 222040 Manufacturing Overhead 184810 Total Manufacturing Costs 552490 Total Cost of Work-in-Process Inventory 569540 Less Work-in-Process Inventory, 12/31 20240 Cost of Goods Manufactured 549300 AIKMAN COMPANY Income Statement (Partial) For the Year Ended December 31, 2020 Sales Revenue 905,270 Cost of Goods Sold Finished Goods Inventory, 1/1 30,4301 Cost of Goods Manufactured 554710 Cost of Goods Available for Sale 606930 Less Finished Goods Inventory, 12/31 25,0201 Cost of Goods Sold 535600 Gross Profit 369670Step by Step Solution
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