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Unformatted text preview: TMC 372,000 + BI of WIP 70,000- EI of WIP 85,000 COGM 357,000 2 Skyler Company Income Statement For the Month Ended June 30 Sales 600000 Cost of Goods Manufactured 357000 Beginning Inventory 20000 Ending Inventory 60000 COGS 317000 Less Selling and Administrative Costs Salaries 35000 Deprec, Sales Equipment 10000 Indirect labor 108000 Advertising 80000 233000 Net Income 50000 3 No, the company should not shut down since the original IS does not include the COGM. C2-31 BI of RM 30,000 Purchases 420,000- EI of RM RMU 450,000 + Direct Labor 130,000 + MOH 520,000 TMC 1,100,000 + BI of WIP 50,000- EI of WIP COGM 1,150,000 Operex Products Income Statement For the Year Ended Dec 31, 20XX Sales 1350000 Cost of Goods Manufactured 1,150,000 Beginning Inventory 90000 Ending Inventory 430000 COGS 810000 Gross Margin 540000 Less Selling and Administrative Costs Salaries Deprec, Sales Equipment Indirect labor Advertising Net Income 540000...
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- Spring '07