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Selected account balances for the year ended December 31 are provided below for BFun Company: Sales revenue Selling and administrative salaries Purchases of raw materials
Selected account balances for the year ended December 31 are provided below for BFun Company: Sales revenue Selling and administrative salaries Purchases of raw materials Direct labor ...... Advertising expense Manufacturing overhead.. Sales Commissions.... $1,000,000 $110,000 $290,000 ? $80,000 $270,000 $50,000 Inventory balances at the beginning and end of the year were as follows: Raw materials Work in process Finished goods Beginning of the Year $40,000 ? $50,000 End of the Year $10,000 $35,000 ? The total manufacturing costs for the year were $683,000; the goods available for sale totaled $740,000; and the cost of goods sold totaled $660,000. 6. Prepare a traditional income statement AND a contribution margin income statement assuming 50,000 units are produced and sold. You will be using the information from your answers to #3 and #4 above, as well as some of the original information
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