Business, 30.10.2021 21:20 Thania3902

During the 2018 financial year, Foster Manufacturing recorded the following income and expenditure. GST is not considered in this question. • Sales Revenue of $2,040,000
• Operating Expenses of $322,000
• Income tax Expense $215,000

Charges to Production were:
• Raw Materials issued to Production of $420,000
• Direct labour charged to Production $340,000
• Overheads charged to Production $272,000
• Actual cost of Overheads $265,000

Additional Information:
• Work in Process at the beginning of the period was $102,000
• Work in Process at the end of the period was $110,000
• Finished Goods at the beginning of the period was $234,000
• Finished Goods at the end of the period was $252,000

Required:
Based on the transactions recorded, within Microsoft Excel prepare a:
Income Statement for the year

Answers: 2

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During the 2018 financial year, Foster Manufacturing recorded the following income and expenditure....

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