Question: Given the following information: complete the Income Statement below. Use worksheet below for solution. What is the net income for this firm? $26,790,000 $23,000,000 $22,500,000
- Given the following information: complete the Income Statement below. Use worksheet below for solution. What is the net income for this firm?
- $26,790,000
- $23,000,000
- $22,500,000
- $31,500,000
| Categories | Values | |
| Sales | $ | 44,800,000 |
| Direct Labor | $ | 4,000,000 |
| Variable overhead | $ | 2,600,000 |
| Fixed overhead | $ | 2,800,000 |
| Direct Materials | $ | 8,100,000 |
| Selling Expense | $ | 4,400,000 |
| Beginning Inventory | $ | 6,800,000 |
| Ending Inventory | $ | 5,900,000 |
| Depreciation | $ | 1,800,000 |
| Accounts Receivable | $ | 2,300,000 |
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