Question

Refer to Exercise 2.21. Last calendar year, Ellerson recognized revenue of $1,312,000 and had selling and administrative expenses of $204,600.
Beginning inventory:
Direct materials ...... $68,000
Work in process ...... 29,400
Finished goods ...... 43,200
Ending inventory:
Direct materials ...... $70,400
Work in process ...... 40,000
Finished goods ...... 42,100
Required:
1. What is the cost of goods sold for last year?
2. Prepare an income statement for Ellerson for last year.


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  • CreatedSeptember 01, 2015
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