0 . | (E) | A1 Fill in the missing values for the income statement below given t

Question

0 . | (E) | A1 Fill in the missing values for the income statement below given the following information: Gross margin is 37% Direct labor costs are half the amount of Direct materials costs Times interest carned ratio is 28.0 6) Mashayekhi and Meckstroth Merchandising, Inc. Income Statement as of the year ending September 30, 2017 in thousands Sales revenue Less Cost of goods sold S52,541 10 18420 Direct materials Direct labor Manufacturing overhead 13 Total cost of goods sold Gross profit Less Operating expenses 17 3.220 Selling expenses General and administrative expenses SAMSUNG F2 F3 F5 F8 o+ 4 6 %5 #3

Explanation / Answer

Workings:

Workings:

Mashayekhi and Meckstroth Merchandising, Inc. Income Statement as of the year ending September 30, 2017 (in thousand) Sales revenue 52541 Less: Cost of goods sold Direct materials 18420 Direct labor 9210 Manufacturing overhead 5471 Total cost of goods sold 33101 Gross profit 19440 Less: Operating expenses Selling expenses 3220 General and administrative expenses 3900 Total operating expenses 7120 Earnings before interest and taxes 12320 Interest expense 440 Income before income taxes 11880 Income tax expense 2640 NET INCOME (LOSS) 9240

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