Complete the following exercise.
Administrative Expenses $ 70,000 Finished Goods Inventory January 1, 20X3 $120,000 Cost of Goods Manufactured during the year $200,000 Finished Goods Inventory December 31, 20X3 $ 60,000 Selling Expenses $ 40,000 Sales $680,000
Required:
- Using the information for Superior Manufacturing Company, prepare the income statement for the year ended December 31, 20X3. (Assume a 30% income tax.)
- Provide at least three performance ratios regarding Superior Manufacturing Company, and comment on the company’s performance.
- Create a report between 200 and 300 words in length for leadership. The topic is the state of this company. Where do you see a problem regarding the company? Make some suggestions if there are areas you feel need to be further investigated.
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