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A manufacturing corporation asked you to prepare its income statement in its first fiscal year from these data . How much its net income ?

1) Ending finished goods inventory is one thousand units . Total cost per unit is fifteen dollar and selling price per unit is twenty two dollars .

2) Total units produced during the period is one thousand units .

3) administrative expenses is four hundred dollars for the period .

4) Selling expenses is two hundred dollars .

- Hence its net income is :

A) Net profit six thousand and four hundred dollars .

B) Net profit Six thousand and and six hundred dollars .

C) Net losses six hundred dollars .

D) No income statement for this period required .

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تم إضافة السؤال من قبل Moataz Elsabawy , مدير مالى , مجموعه شركات الانصار
تاريخ النشر: 2017/02/15
Rana Fahid Khan ACCA
من قبل Rana Fahid Khan ACCA , Assistant Manager Finance , First Allied Trading Es

D No Income Statement for this period is required coz there is not any sales you are holding finished goods inventory only so these figuers are related to statement of financial position.

Romeo Mamalayan
من قبل Romeo Mamalayan , Project Coordinator , Globalaire Technology Corporation

a net profit amounting to 6,400 dollars

Ayman Ghubish
من قبل Ayman Ghubish , Financial Development Manager , Aldiri for catering and supplies

C- is the correct answer .

 

AHMAD OMAR  CMA-CertIFR
من قبل AHMAD OMAR CMA-CertIFR , Accounting Manager , NADIA BAKHURJI ARCHITECTS & INTERIOR DESIGN CONSULTANTS

COGS = Beginning Inventory + Net Purchases - Ending Inventory

COGS = ($15 x 1.000 units) = $15.000

 

Sales= Selling price per unit x units produced = $22 x 1.000 units = $22.000

 

Net Income = Sales - COGS - admin. exp. - Selling exp = $6.400

 

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