Use the following data to prepare the Income statementThe expected total sales for this product...
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Accounting
Use the following data to prepare the Income statement
The expected total sales for this product for the year ended 30 June 2023 are $ 9,500,000 and the expected total costs and operating expenses are $5,000,000 and the costs will be allocated as follows.
Cost/Expense item
Amount ($)
Cost of goods sold
1,200,000
Sales Salaries expense
400,000
Office Salaries expense
450,000
Advertising expense
350,000
Office supplies expense
328,000
Rent expense
820,000
Insurance expense
250,000
Utilities expense
292,000
Depreciation expense
280,000
Interest expense
270,000
Tax expense
360,000
Total
5,000,000
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