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Prepare an income statement: For the fiscal year 2010, the Acme Machinery Corporation accumulated the following data: Sales 870,230 Sales Returns & Allowances 33,720 Finished
Prepare an income statement:
For the fiscal year 2010, the Acme Machinery Corporation accumulated the following data:
Sales 870,230
Sales Returns & Allowances 33,720
Finished Goods, 1/1 96,640
Finished Goods, 12/31 92,990
Cost of Goods Manufactured 649,513
Overapplied or Underapplied Overhead 2,890 Cr. Balance
Selling Expenses 72,122
Administrative Expenses 82,428
Provision for Income Taxes 29,721
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