or Wreckin Ronnie Inc, I need to have a income statement that totals 47,600. I\'

Question

or Wreckin Ronnie Inc, I need to have a income statement that totals 47,600. I'm quite a bit off. Purchased 165,800 of materials used 147,600 of direct materials in production Incurred 96,250 of direct labor wages Applied factory overhead at a rate of 80% of direct labor cost Transferred 302,900 of work in process to finished goods Sold goods with a cost of 301,300 Sold goods for 520,000 Incurred 119,000 of selling expenses Incurred 52,000 of administrative expenses Please help, my total should be 47,600 but it isn't

Explanation / Answer

Sales 520,000
Cost of goods sold 301,300
Gross profit 218,700
Selling expenses 119,000
Administrative expenses 52,000
Net income 47,700

I am getting 47,700 for net income. Is it possible that you typed one of the numbers incorrectly?

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