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Complete the following exercise. Fill in the Excel spreadsheet provided via the link below to provide your answers to part a. Then paste the Excel data into a Word document on which you can also write the answer to part b.
Administrative Expenses........................................................................................
$ 70,000
Finished Goods Inventory January 1, 2011..............................................................
120,000
Cost of Goods Manufactured during the year.........................................................
200,000
Finished Goods Inventory December 31, 2011........................................................
60,000
Selling Expenses....................................................................................................
40,000
Sales......................................................................................................................
680,000
Required:
1. Using the information for Superior Manufacturing Company, prepare the income statement for the year ended December 31, 2011. (Assume a 30 % income tax.)
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