What can generally be found on the income statements of both a manufacturer and a service organization?
B) cost of goods sold
C) accumulated amortization
D) selling and administrative expenses
Information from the records of Island Timberlands Inc. for November is as follows: Sales $820,000
Selling and administrative expenses 140,000
Direct materials purchases 176,000
Direct labour 200,000
Manufacturing overhead 270,000
Direct materials, November 1 24,000
Work-in-process, November 1 50,000
Finished goods, November 1 46,000
Direct materials, November 30 28,000
Work-in-process, November 30 56,000
Finished goods, November 30 38,000
What is the net income for the month of November?
What would generally NOT be found on the income statement of a service organization?
A) net sales
B) selling expenses
C) operating income
D) cost of goods sold
Which term is used for the cost of the partially completed goods at the end of the period?
A) the cost of goods manufactured
B) the ending finished goods inventory
C) the ending work-in-process inventory
D) the beginning work-in-process inventory