Question

Requirement 2. Revenues​ (in thousands) for 2017were $1,300,000. Prepare the income statement for 2017.

​(Use a minus sign or parentheses for an operating​ loss.)

Carolina Corporation
Income Statement
For the Year Ended December 31, 2017 (in thousands)
	Revenues				812,000
	Cost of goods sold:
		Cost of goods manufactured		812,000
		General and administrative costs		71,000
		Beginning finished goods, Jan. 1, 2017		24000
		Ending finished goods, Dec. 31, 2017		(206000)
			Cost of goods sold		917,000
	Marketing, distribution, and customer-service costs				125,000
	Operating costs:
			Total operating costs
	Operating income/(loss)

DATA TABLE

	Beginning of	End of
Carolina Corporation	2017	2017
Direct materials inventory	$124,000	$73,000
Work-in-process inventory	173,000	145,000
Finished-goods inventory	240,000	206,000
Purchases of direct materials		262,000
Direct manufacturing labor		217,000
Indirect manufacturing labor		97,000
Plant insurance		9,000
Depreciation—plant, building, and equipment		45,000
Plant utilities		26,000
Repairs and maintenance—plant		12,000
Equipment leasing costs		65,000
Marketing, distribution, and customer-service costs		125,000
General and administrative costs		71,000

Answer 1

Carolina corporation
Income Statement
For the Year ended December 31 2017
Sales Revenue		$   13,00,000.00
Cost of Goods sold
Beginning Finished Goods Inventory	$      2,40,000.00
Cost of Goods Manufactured	$      8,12,000.00
Goods available for sale	$   10,52,000.00
Less :Ending Finished goods Inventory	$      2,06,000.00
Cost of Goods sold		$      8,46,000.00
Gross Margin		$      4,54,000.00
Operating Expenses
general and administrative expenses	$         71,000.00
Marketing , distribution and customer service cost	$      1,25,000.00
Total Operatinmg expenses		$      1,96,000.00
Operating Profit		$      2,58,000.00