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The information below is taken from the December 31, 2014 adjusted trial balance of Rummer Company (all numbers are pre-tax):
Freight-in
$7,500
General and administrative expenses
50,000
Interest expense
15,000
Inventory, 1/1/14
140,000
Inventory, 12/31/14
165,000
Loss on sale of a major component of the business
Purchases
330,000
Purchases returns
5,000
Sales
700,000
Sales discounts taken
10,000
Selling expenses
25,000
The income tax rate is 30%. There were 25,000 shares of common stock outstanding throughout the year.
Required:
a.Prepare a schedule of the cost of goods sold.
b.Prepare a 2014 income statement for Rummer Company, using a single-step format (disregard earnings per share).
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