You have been asked by the CEO of Mountaineer Co. to assist in analyzing product costs. This analysis is used in internal decision making and in reporting to investors. The following Tableau Dashboard provides data needed for the analysis. Raw Materials Inventories Raw materials, beginning Raw materials purchases Raw materials used Raw materials, ending $0 $25,000 $50,000 $75,000 $100,000 $125,000 $150,000 $175,000 $200,000 Work in Process & Finished Goods Inventories Work in Process Finished Goods Rent expense - Factory $50,000 54,000 50,000 $40,000 43,000 Repairs expense - Factory $30,000 33,000 Factory supplies used (indirect Factory utilities $20,000 Work in Process Finished Goods Rent expense - Factory $50,000 54,000 50,000 $40,000 43,000 Repairs expense - Factory $30,000 33,000 Factory supplies used (indirect materials) Factory $20,000 utilities $10,000 SO Beginning Ending Beginning Ending Indirect labor Additional Data Accounts receivable, net $150,000 Cash $350,000 Direct labor $180,000 Sales and Select Expense Accounts Sales General & administrative expenses Selling expenses $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 Prepare an income statement for the company. Note: use cost of goods sold calculated in part 1 Mountaineer Co. Income Statement For Year Ended December 31 Sales $ 1.000.000 Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured $ 50.000 50.000 54.000 (4.000) Cost of goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Operating expenses: Selling expense 75.000 Total operating expenses 75.000 (75.000) Net income $ You have been asked by the CEO of Mountaineer Co. to assist in analyzing product costs. This analysis is used in internal decision making and in reporting to investors. The following Tableau Dashboard provides data needed for the analysis. Raw Materials Inventories Raw materials, beginning Raw materials purchases Raw materials used Raw materials, ending $0 $25,000 $50,000 $75,000 $100,000 $125,000 $150,000 $175,000 $200,000 Work in Process & Finished Goods Inventories Work in Process Finished Goods Rent expense - Factory $50,000 54,000 50,000 $40,000 43,000 Repairs expense - Factory $30,000 33,000 Factory supplies used (indirect Factory utilities $20,000 Work in Process Finished Goods Rent expense - Factory $50,000 54,000 50,000 $40,000 43,000 Repairs expense - Factory $30,000 33,000 Factory supplies used (indirect materials) Factory $20,000 utilities $10,000 SO Beginning Ending Beginning Ending Indirect labor Additional Data Accounts receivable, net $150,000 Cash $350,000 Direct labor $180,000 Sales and Select Expense Accounts Sales General & administrative expenses Selling expenses $0 $200,000 $400,000 $600,000 $800,000 $1,000,000 Prepare an income statement for the company. Note: use cost of goods sold calculated in part 1 Mountaineer Co. Income Statement For Year Ended December 31 Sales $ 1.000.000 Cost of goods sold: Finished goods inventory, beginning Cost of goods manufactured $ 50.000 50.000 54.000 (4.000) Cost of goods available for sale Less: Finished goods inventory, ending Cost of goods sold Gross profit Operating expenses: Selling expense 75.000 Total operating expenses 75.000 (75.000) Net income $
