The following data were taken from the records of Blue Company for the fiscal year ended June 30, 2017.

Raw Material Inventory 7/1/16 $49,900
Factory Insurance $4,800
Raw Material Inventory 6/30/17 45,000
Factory Machinery Depreciation 17,100
Finished Goods Inventory 7/1/16 96,100
Factory Utilities 30,500
Finished Goods Inventory 6/30/17 28,500
Office Utilities Expense 9,550
Work in Process Inventory 7/1/16 22,700
Sales Revenue 556,800
Work in Process Inventory 6/30/17 29,200
Sales Discounts 4,500

Prepare Income statement through gross profit.

Sales Revenue                                                                                556,800

Less Cost of Sales

Opening Stock of Finished Goods                          96,100

Add Cost of Goods Manufactured :

Raw Materials($49,900-45,000)                              4,900

Factory Insurance                                                      4,800

Factory Machinery Depreciation                              17,100

Factory Utilities                                                        30,500

Add Opening Work in Process Inventory              22,700

Less Closing Work in Process Inventory             (29,200)

Less Closing Stock Finished Goods Inventory   (28,500)          ( 118,400)

Gross Profit                                                                                     438,400

Less Expenses :

Office Utilities Expense                                                                    (9,550)

Sales Discounts                                                                                (4,500)

Net Income / (loss)                                                                         424,350

Explanation:

Note that Cost Of Goods sold Consist of Accumulation of Manufacturing Costs.

Explanation:

Base on the scenario been described in the question, we are can use the following.

Sales Revenue                                                                               556,800

Less Cost of Sales

Opening Stock of Finished Goods                          96,100

Add Cost of Goods Manufactured :

Raw Materials($49,900-45,000)                              4,900

Factory Insurance                                                      4,800

Factory Machinery Depreciation                              17,100

Factory Utilities                                                        30,500

Add Opening Work in Process Inventory              22,700

Less Closing Work in Process Inventory             (29,200)

Less Closing Stock Finished Goods Inventory   (28,500)          ( 118,400)

Gross Profit                                                                                     438,400

Office Utilities Expense                                                                    (9,550)

Discounts   sales                                                                             (4,500)

Net Income                                                                       424,350

steering wheels are always situated on the left side of the car.

always drive on the right side of the road.

white lines separate lanes of traffic traveling the same direction.

hashed or broken lines means you may change lanes when it is safe.

solid white lines mean stay in your lane.

yellow lines separate traffic moving in opposing directions.

hashed or broken yellow lines mean you can carefully pass, paying attention to oncoming traffic.

never cross a solid yellow line (or double yellow line).

when turning left at an intersection, pass in front of any cars that are turning left from the opposing direction (do not try to pass behind them).

use the left lane to pass other cars traveling your direction.

do not pass in the right lane unless absolutely necessary.

if you are driving in the far left hand lane and someone would like to pass you, move over to the right lane when it is safe to do so and allow them to pass.

you must always yield to pedestrians.

come to a complete stop whenever you see pedestrians trying to cross the street.

never pass a school bus if it has flashing red lights. wait until the lights have stopped.

be aware of bicyclists. often they share the road with cars and are supposed to also follow general traffic laws.

be particularly careful about driving in cities with bike lanes -- always check before turning that a bike is not coming.

it is mandatory to pull over or stop at an intersection to allow an emergency vehicle to pass you if you see one traveling with lights flashing and/or a siren running.

do not overuse your car horn. horns are used almost exclusively for emergency situations or for when you feel unsafe.

explanation: