Slapshot Company makes ice hockey sticks and sold 1,880 sticks during the month of June at a total cost of $433,000. Each stick sold at a price of $400. Slapshot also incurred two types of selling costs: commissions equal to 10% of the sales price, and other selling expense of $65,000. Administrative expense totaled $53,800.

Refer to the list below for the exact wording of a label or an amount description within your income statement.

Labels

Add

For the Month of June

Less

Selling expenses

Amount Descriptions

Administrative expenses

Commissions

Cost of goods manufactured

Cost of goods sold

Fixed selling expenses

Gross margin

Operating income

Operating loss

Purchases

Sales revenue

Total selling expenses

Prepare an income statement for Slapshot for the month of June. Refer to the list of Labels and Amount Descriptions for the exact wording of text within your income statement. Be sure to complete the statement heading.

Slapshot Company

Income Statement

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