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Problem - The Northpole Company started operation one year ago. The general manager asks your opinion of its first year's income statement which was prepared by a clerk who has very little knowledge of accounting. The income statement is as follows:
The Northpole Company Income Statement For Year Ending December 31, 1989
Sales (10,000 units @ $4)
$40,000
Cost of sales:
Materials purchased
$29,000
Direct labor
9,200
Factory overhead
4,600
$42,800
Less:
Material inventory, December 31
5,000
Work in process, December 31:
1,000 units, all materials
50% labor and overhead
800
Finiched goods, December 31 (1,000 units)
1,000
6,800
36,000
Gross Profit
$4,000
Operating expenses
Selling costs
$2,000
Administrative costs
3,000
Net loss
($1,000)
Required:
What is your opinion? If you think that the income statement is poorly or even falsely prepared, prepare a correct income statement for Northpole Company.
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