Income statement
For the year ended December 31, 20×1
| Particulars | Amount $ | Amount $ |
| Sales revenue | 205,800 | |
| Deduct: cost of goods sold | 170,400 | |
| Gross Margin | 35,400 | |
| Deduct: Selling and administrative overheads | ||
| Selling and administrative overheads | 13,800 | |
| Utilities for selling and administrative offices | 2,500 | |
| Other selling and administrative expenses | 4,000 | |
| Depreciation on card used by sales personnel | 1,200 | |
| Rental of space for company president’s office | 1,700 | |
| 23,200 | ||
| Income before taxes | 12,200 | |
| Deduct: income tax expenses | 5,100 | |
| Net Income | 7,100 |
Problem 3-50
The cost of goods manufactured= (the opening work in process+ Total manufacturing costs-closing work in process)
Huron Corporation