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Macon Company supplied the following data and information on inventories at the end of the current year:
| January 1 | December 31 |
Materials | $21,000 | $23,500 |
Work in process | 17,500 | 8,500 |
Finished goods | 26,000 | 27,000 |
Direct labor | $40,000 |
Selling expenses | 31,000 |
Sales revenue | 400,000 |
Administrative expenses | 14,500 |
Purchases of raw materials | 62,000 |
Factory supervision | 50,000 |
Factory supplies used | 25,000 |
Required:
Prepare an income statement of Macon Company for the current year.
Macon Company |
Income Statement |
For the Year Ended December 31 |
| $fill in the blank 2 |
| fill in the blank 4 |
Gross margin | fill in the blank 5 |
| fill in the blank 7 |
| fill in the blank 9 |
| $fill in the blank 11 |
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