Planet Manufacturing Provided the Following Information for the Month Ended

question 142

Essay

Planet Manufacturing provided the following information for the month ended March 31:
$$\begin{array} { | l | r | } \hline \text { Sales Revenue } & \$ 22,000 \\\hline \text { Beginning Finished Goods Inventory } & 7,000 \\\hline \text { Ending Finished Goods Inventory } & 6,500 \\\hline \text { Cost of Goods Manufactured } & 10,600 \\\hline \text { Selling and Administrative Expenses } & 5,125 \\\hline\end{array}$$ Prepare the income statement.

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Definitions:

Forecasting Model

A quantitative tool or method used to predict future events or trends based on historical data.

Additional Funds Needed (AFN)

Additional Funds Needed (AFN) is a financial metric estimating the amount of new external financing a firm will require to support a projected increase in its assets.

Additional Funds Needed (AFN)

The projected amount of external financing a company will need to support its growth.

Statement of Cash Flows

A financial statement that shows how changes in balance sheet accounts and income affect cash and cash equivalents, breaking the analysis down to operating, investing, and financing activities.