Prepare an Income Statement
Income Statement (with cost of goods sold adjustment). Required: Prepare an income statement for year ended December 31.
Rambler Company had the following activity for the year ended December 31:
Sales revenue $2,050,000
Selling expenses $ 575,000
General and administrative expenses $ 330,000
Cost of goods sold (before adjustment) $ 700,000
Under-applied overhead $ 23,000