Prepare the income statement for Strike Gold Company for the most recent year. Use the calculation of cost of goods sold, cost of goods manufactured, and the amounts below. Assume that the company sold 36,000 units of its product at a price of $10 each during the year.

Question Help Data Table of cost of goods sold, cost of goods manufactured. ce i Reference Beginning End of End of of Year Year Year Raw materials inventory $ 20,000 $ 26,000 Insurance on plant......... $ 10,500 Work in process Depreciation-plant building and Inventory $ 35,000 $ 29,000 equipment $ 13.000 Finished goods inventory .......$ 17,000 $ 23,000 Repairs and maintenance-plant. $ 4,100 -. Purchases of direct materials $ 70,000 Marketing, expenses.......... $ 78,000 General and administrative Direct labor....... $ 85,000 expenses Indirect labor....... $ 39,000 Reference 35,000 Strike Gold Industries Calculation of Cost of Goods Manufactured For Current Year Beginning work in process inventory $ Plus: Manufacturing costs incurred Direct materials used $ Direct labor Manufacturing overhead Total manufacturing costs to account for Less: Ending work in process inventory $ Cost of goods manufactured (CGM) 64.000 85.000 .... $ 30.500 66.600 250.600 29.000 Print 221,600 Operating income Print Done Strike Gold Manufacturing Calculation of Cost of Goods Sold For Current Year Beginning finished goods Inventory Plus: Cost of goods manufactured Cost of goods available for sale Less: Ending finished goods inventory S 17.000 221,600 238,600 23.000 S 215.600 Cost of goods sold Choose from any list or enter any number in the ? All parts showing Check Answer Prepare the income statement for Strike Gold Company for the most recent year. Use the calculation of cost of goods sold, cost of goods manufactured, and the amounts below. Assume that the company sold 36,000 units of its product at a price of $10 each during the year. |(Click the icon to view the amounts.) (Click the icon to view the calculation of cost of goods manufactured.) (Click the icon to view the calculation of cost of goods sold.) Strike Gold Company Income Statement For Current Year Sales revenues Less: Cost of goods sold HII Gross profit Less: Operating expenses General and administrative expenses Operating expenses Operating income