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Question #1 Management at InfoPad gathered the following information for two of its customers. Customer 1 Customer 2 Sales $2,000 $2,600 Cost of goods
Question #1 Management at InfoPad gathered the following information for two of its customers. Customer 1 Customer 2 Sales $2,000 $2,600 Cost of goods manufactured A 1000 Finished goods inventory (beginning balance) Finished goods inventory (ending balance) 200 D 300 400 Cost of goods sold B 1200 Gross margin Selling expenses Administrative expenses Operating income 600 E 150 100 80 400 F Required: A) Solve for the missing amounts (A, B, C, D, E, and F). B) At the end of 2022, management at InfoPad gathered data for all of its customers for the entire year. Using the following information, prepare an Income Statement for 2022. Sales commissions $525,000 Sales revenue 5,250,000 Research and development 595,000 Finished goods inventory, January 1 262,500 WIP, January 1 315,000 Finished goods inventory, December 31 210,000 WIP, December 31 385,000 Cost of goods manufactured 1,750,000
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