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Use the following information to determine net income in the financial statements under GAAP: Number of boats to be sold 540 Upstream costs $ 5,200,000

Use the following information to determine net income in the financial statements under GAAP: Number of boats to be sold 540 Upstream costs $ 5,200,000 Direct materials per boat $ 54,000 Direct labor per boat $ 34,000 Overhead per boat $ 24,000 Downstream costs $ 2,200,000 Assume the company wants to sell each boat for 20% more than the cost to produce the boat. Multiple Choice $12,096,000 $4,696,000 $7,400,000 $5,200,000

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