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Unformatted text preview: b. Design Works International Income Statement For the Year Ended December 31, 2006 Sales $4,000,000 Less cost of goods sold: Beginning finished goods $ 600,000 Add cost of goods manufactured 2,600,000 Cost of goods available for sale 3,200,000 Less ending finished goods 300,000 2,900,000 Gross profit 1,100,000 Less nonmanufacturing expenses: Selling expenses 250,000 General & admin. expenses 550,000 800,000 Net income $ 300,000...
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- Summer '06